Royston starts his own business on 1 September, operating as a wholesaler of novelty goode His transactions during September were as follows: Transfers 750 of his savings into a business bank account. Borrows 3,000 from LloydWest Bank, repayable in three years' time. Pays 320 to hire a van for September, using debit card. Sep 1 7 Buys essential IT equipment for the business, paying 2,200 by debit card. 9. Buys goods for resale, paying by cheque 760. Buys goods for resale 570 on time from J. Collins. 13 11 Sells goods for 930; customer pays by cheque. Returns unsatisfactory goods to J. Collins, original cost of which was 120. 17 15 Buys goods for resale on time from M. Pembridge, 890. 19 Sells goods on time 1,770 to E. Barrett. 21 Pays 450 cheque to J. Collins. 23 Receives 590 cheque from E. Barrett on account. Takes 280 from business bank account to pay for personal living expenses. Pays staff wages for September, 410 by cheque. 25 27 Required: (a) Record all the transactions and balance-off the accounts. (b) Prepare a Trial Balance as at the end of the month. (c) Assuming that the closing inventory has been counted and valued at cost totalling 570, prepare an Income Statement for the month. Royston starts his own business on 1 September, operating as a wholesaler of novelty goode His transactions during September were as follows: Transfers 750 of his savings into a business bank account. Borrows 3,000 from LloydWest Bank, repayable in three years' time. Pays 320 to hire a van for September, using debit card. Sep 1 7 Buys essential IT equipment for the business, paying 2,200 by debit card. 9. Buys goods for resale, paying by cheque 760. Buys goods for resale 570 on time from J. Collins. 13 11 Sells goods for 930; customer pays by cheque. Returns unsatisfactory goods to J. Collins, original cost of which was 120. 17 15 Buys goods for resale on time from M. Pembridge, 890. 19 Sells goods on time 1,770 to E. Barrett. 21 Pays 450 cheque to J. Collins. 23 Receives 590 cheque from E. Barrett on account. Takes 280 from business bank account to pay for personal living expenses. Pays staff wages for September, 410 by cheque. 25 27 Required: (a) Record all the transactions and balance-off the accounts. (b) Prepare a Trial Balance as at the end of the month. (c) Assuming that the closing inventory has been counted and valued at cost totalling 570, prepare an Income Statement for the month.