The following financial transactions relate to Patrick for the month of December 2021. December 1 Opening account balances: Assets: Premises K68,000; Van K10,250; Fixtures K1,620; Inventory K12,780; trade receivable: P. Mullen K280, F. Lane K620; Cash at bank K12,480; Cash in hand K1,120. Liabilities: Accounts payable: S. Hood K430, J Brown K1,280. 2 Paid storage costs by cheque K80. 3 Goods bought on credit from; S. Hood K290; D. Main K412; W. Tone K192; R. Foot K132. 4 Goods sold on credit to: J. Wilson K224; T. Cole K328; F. Syme K416; J. Allen K182; P. White K482; F. Lane K180. 7 Paid for motor expenses in cash K120. 9 Cash drawings by proprietor K300. 11 Goods sold on credit to: T. Cole K136; J. Fox K262. 14 Goods returned to Patrick by; J. Wilson K64; F. Syme K96. 16 Bought another van on credit from Abel Motors Ltd K9,700. 19 The following paid Polk their accounts by cheque less 5 per cent cash discount: P. Mullen; F. Lane; J. Wilson; F. Syme. 22 Goods returned by Patrick to R. Foot K12. 24 Goods bought on credit from: L. Mole K366; W. Wright K382. 27 The following accounts were settled by Polk by cheque less 5 per cent cash discount: S. Hood; J. Brown; R. Foot. 30 Salaries paid by cheque K1480. 31 Paid business rates by cheque K280. Paid Abel Motors Ltd a cheque for K9,700. Page 3 of 3 Inventory at 31 December 2022 amounted to K15,000. Required: a) Summarise Patricks transactions for December 2022 in the Books of Prime Entry. b) Post the transactions from the books of prime entry to the accounts in the General Ledger c) Extract a trial balance at 31 December 2022 d) Prepare for Patrick, the following for the month of December 2022: - A Statement of Profit or Loss for December 2022 - A Statement of Financial Position as at 31 December 2022. [Total: 25 Marks]