QUESTION: The following transactions have been extracted from the books of Emmys Ltd. For the month of January 2021. Record the transactions in the respective accounts, balance-off the accounts and extract a trial balance as at 31 January 2021.

Jan 1. Emmy invested GHc50, 000 on 01/01/2021 to start her own business Emmys Ltd. The money was deposited into a bank account opened soley for the business.

Jan 2. The Firm paid rent in advance for the year ended 31^st December 2021 at a cost of GHc16,000 with cheque.

Jan 3. The firm purchased office equipment for GHc14000 with cheque.

Jan 4. The firm purchased office equipment for GHc10, 000 on credit from IPMC.

Jan 5. The firm purchased stationery at a cost of GHc2, 000 and paid for it with a cheque.

Jan 6. The business paid GHc6,000 by cheque to IPMC to reduce the firms debt

Jan 7. The firm performed services for GHc10, 500 on cash

Jan 8. The firm performed services for GHc3500 on credit

Jan 9. Received GHc1, 500 in cash from credit clients on their account

Jan 10. Paid GHc2, 500 for Salaries with cheque

Jan 11. Paid GHc2000 for utility bills with cash

Jan 12. Emmy withdrew GHc2000 cash for personal expenses

Jan 13. The business acquired plant and machinery from IPMC at a cost of GHc20,000, paid GHC15000 with cheque and agreed to pay the balance in 30 days