Section A 3. Create possible business transactions for the first month of the business accounting period. Clearly state the month of the business transactions.. The business transactions created are betweenyour business and supplier, and between your business and customers. The business transactions should include at least: - Capital contributed by owner of the business. - 3 credit purchases - 1 cash purchase - 3 creditsales - 1 cash sale - 2 purchases of non-current assets - 2 payments to suppliers - 2 payments by receivables - 3 transactions on payment of expenses - 1 transaction on revenue received - 2 transactions on liability - 1 Drawing transaction (goods) - 1 Drawing transaction (cash) - For merchandising business: - 1 transaction on sales return - 1 transaction on purchases return 1. Assuming you are planning to set up a sole trading business selling finished goods to customers locally. (Create a name for your business and you can choose any area to operate). 2. State your business accounting period. 4. Journalise the business transactions in the appropriate journals (sales journal, purchase journal, return inwards journal, return outwards journal, cash receipts journal, cash payments journal, and general journal). 5. Prepare the appropriate ledgers accounts (General ledgers, purchase ledgers and sale ledgers) for the transactions. 6. Prepare a Trial Balance as at the end of the month