The Bright Spot is a sole proprietorship that sells lamps and light fittings to tradespeople, on account and to the general public on a cash basis. Your role is the temporary bookkeeper for August. Your responsibilities include recording the reversing entries and the monthly transactions, posting, performing month-end procedures, and preparing the financial statements. The Bright Spot uses four specialised journals, a general journal and a general ledger. The July 31 Trial Balance is shown below and those account balances are recorded in the General ledger. NB; CREDIT SALE TERMS are 2/10, n/30. August 1: Rec'd supplier invoice from The Rubber Barons for office supplies, $45, terms n30. (Use GJ - Office Supplies are not trading stock) The Bright Spot. Trial Balance 31/7/20XX Current Assets Debit Credit TASK 1 Cash 40,125 Prepare the necessary reversing entries in General Journal format. Accounts Receivable 4,725 GENERAL JOURNAL Inventory 100,174 Date Particulars DR CR Supplies on hand 516 Aug 1 Prepaid rent 500 Prepaid insurance 800 Plant Assets Store Equipment at cost 18,000 Store Equipment Acc. Dpn 6,400 Office Equipment at cost 4,500 Office Equipment Acc. Dpn 2,500 Delivery Truck at cost 23,000 Delivery Truck Acc. Dpn 6,500 Liabilities Accounts Payable 36,150 Sales Salaries Payable 900 Office Salaries Payable 300 Telephone Payable 400 Electricity Payable 250 Owners Equity Capital 154,940 Drawings 16,000 Note; Income summary On completion of each 'Practice Set' Task ask your teacher for feedback. TOTAL 208,340 208,340