Samuel Frimpong commenced business as a real estate agent in January 2014 after resigning his post as Estate Manager in ABC Ltd. He deposited a cheque of GH100,000 (his gratuity) in the business bank account on January 2, 2014 as his capital for the business. He withdrew GH2,000 immediately from the business bank account for office use. The following took place during the month.

January 3, 2014 Paid Rent expense by cheque - GH7,500.00.

January 4, 2014 Bought Office Furniture costing GH24,000 from Akuaba Furniture through their credit scheme. Paid GH6000 on deposit by cheque with the balance payable in two equal installments.

January 5, 2014 Bought Computer for office use paying by cheque GH5,250.

January 6, 2014 Bought Office Supplies paying by cheque GH1,550

January 14, 2014 Received a cheque of GH6,000 being commission received from selling the house of one of his clients.

January 19, 2014 Sold the house of Jacob Padmore. However, Jacob Padmore would not pay the commission of GH8,750 until February 28, 2014.

January 25, 2014 Paid Advertising Expenses of GH4,100 by cheque. GH1,100 of the advertising expenses is in respect of the sale of the house of Jacob Padmore who is expected to reimburse Samuel Frimpong for the expense incurred on his behalf.

January 26, 2014 Bought additional Office Supplies for GH970 with cash.

January 28, 2014 Withdrew a cheque for GH6,040 to reimburse himself for motor expenses of GH840 and the balance is for his personal use.

You are required to:

1. Journalize the above transactions. (10 marks)
2. Post them to the respective ledger accounts and Balance the respective accounts as at January 31, 2014 (10 marks)