The following information was extracted from the books of Newland Pharmaceutical Distribution limited located at 15 Bell Road Kingston 5 for the period ending December 31, 2022 During The month of January 2023, the following transactions took place. January 3 Purchase the following on credit from: Lyn Distribution Ltd. 26 west Avenue Kingston 20 less 10\% Trade discount on all items: 50 Cases of Panadol cough syrup @ $30,000, 48 bottles of Vitamin C @ $3,500,20 cases of Benjamin Rubin alcohol (a) $24,300 and 30 , boxes of Calcium Citrate @ $38,700. No GCT discharge on these items. January 5 Sold the on credit to White Pharmacy: 15 Cases of Panadol cough syrup (@) $33,000,48 bottles of Vitamin C@ $4,700, and 12 boxes of Calcium Citrate @ $43,500 Less 10% Trade discount. Terms: 6/1540 No GCT is charge on items sold. January 6 sold goods and received Cheque for $3,800,000 and purchase goods paying By Cheque $1,540,000 January 8 Returned goods to Lyn Distribution Ltd: 7 bottles of Vitamin C, and 3 boxes of Calcium Citrate. January 10 Received Cheque from White Pharmacy in the amount of $980,000 for Payment on account. January 12 paid the following expenses: Rent $80,000 by cash and salaries $530,000 by Cheque January 16 The following goods returned to us by White Pharmacy: 3 Cases of Panadol cou syrup, 6 bottles of Vitamin C and 2 boxes of Calcium Citrate January 27 Received rent from a tenant in cash $46,000 January 28 Purchase Motor Vehicle on credit from Toyota Jamaica Ltd valued \& 3500000 for the distribution department. HE EASTER January 29 Purchase the following from French Pharmacy, 15 oxford Road Spanish Town. 30 boxes eye drops (@) $46,500,18 case of Folic Acid @ $70,400 and 20 boxes of New Start baby Formulas @ 70,800 January 30 Paid the following suppliers on their account by Cheque: Lyn's Distributors Ltd $1,640,000 and French Pharmaceutical Ltd \$2,300,000 Required: 1. Post the opening entries to the business General Journal and ascertain the opening capital for the business. (5 Marks) 2. Post the entries to the relevant purchases and sales Journal for the period then transfer the entries to the appropriate ledger accounts. (15 Marks) 3. Update the business General Ledger with the relevant Entries (15 Marks) 4. Prepare the Accounts Receivables and Payables Schedule as at the end of the accounting period. (5 Marks) 5. Prepare the relevant source Documents for transaction done on January 5, 6 and 8 (15 marks) 6. The balance due Gayle's Supplies Ltd located at 10 Mark Avenue, May Pen Clarendon account, represent a credit sales transaction on November 10, 2022, with a credit period of 30 days. No payment has been received from this customer as at the end of this accounting period. Prepare a letter requesting payment from this customer for the outstanding balance due. (10 Marks) The following information was extracted from the books of Newland Pharmaceutical Distribution limited located at 15 Bell Road Kingston 5 for the period ending December 31, 2022 During The month of January 2023, the following transactions took place. January 3 Purchase the following on credit from: Lyn Distribution Ltd. 26 west Avenue Kingston 20 less 10\% Trade discount on all items: 50 Cases of Panadol cough syrup @ $30,000, 48 bottles of Vitamin C @ $3,500,20 cases of Benjamin Rubin alcohol (a) $24,300 and 30 , boxes of Calcium Citrate @ $38,700. No GCT discharge on these items. January 5 Sold the on credit to White Pharmacy: 15 Cases of Panadol cough syrup (@) $33,000,48 bottles of Vitamin C@ $4,700, and 12 boxes of Calcium Citrate @ $43,500 Less 10% Trade discount. Terms: 6/1540 No GCT is charge on items sold. January 6 sold goods and received Cheque for $3,800,000 and purchase goods paying By Cheque $1,540,000 January 8 Returned goods to Lyn Distribution Ltd: 7 bottles of Vitamin C, and 3 boxes of Calcium Citrate. January 10 Received Cheque from White Pharmacy in the amount of $980,000 for Payment on account. January 12 paid the following expenses: Rent $80,000 by cash and salaries $530,000 by Cheque January 16 The following goods returned to us by White Pharmacy: 3 Cases of Panadol cou syrup, 6 bottles of Vitamin C and 2 boxes of Calcium Citrate January 27 Received rent from a tenant in cash $46,000 January 28 Purchase Motor Vehicle on credit from Toyota Jamaica Ltd valued \& 3500000 for the distribution department. HE EASTER January 29 Purchase the following from French Pharmacy, 15 oxford Road Spanish Town. 30 boxes eye drops (@) $46,500,18 case of Folic Acid @ $70,400 and 20 boxes of New Start baby Formulas @ 70,800 January 30 Paid the following suppliers on their account by Cheque: Lyn's Distributors Ltd $1,640,000 and French Pharmaceutical Ltd \$2,300,000 Required: 1. Post the opening entries to the business General Journal and ascertain the opening capital for the business. (5 Marks) 2. Post the entries to the relevant purchases and sales Journal for the period then transfer the entries to the appropriate ledger accounts. (15 Marks) 3. Update the business General Ledger with the relevant Entries (15 Marks) 4. Prepare the Accounts Receivables and Payables Schedule as at the end of the accounting period. (5 Marks) 5. Prepare the relevant source Documents for transaction done on January 5, 6 and 8 (15 marks) 6. The balance due Gayle's Supplies Ltd located at 10 Mark Avenue, May Pen Clarendon account, represent a credit sales transaction on November 10, 2022, with a credit period of 30 days. No payment has been received from this customer as at the end of this accounting period. Prepare a letter requesting payment from this customer for the outstanding balance due. (10 Marks)