The following transactions occurred in Max Repair Services that provides professional cleaning for offices and industrial areas:

Mar.1 Max invested into the business of Max Repair Services by purchasing a fully equipped business. The business acquired consisted of the following assets and liabilities:

Vehicle 50 000

Repair Equipment 80 000

Cash at Bank 20 000

Accounts payable 15 000

3 Purchased supplies on credit for $15 000.

6 Collect $5 000 for the repair service provided.

9 Paid $6 000 of the accounts payable.

12 Paid a rental expense for the month for $4 000 cash.

15 Provide repair service worth $11 000 to Xenon Ltd. The payment is expected to be received in the following week.

18 Paid $6 000 of the accounts payable.

21 Max withdrew $600 cash for his personal use.

24 Received cash amounted $11 000 from Xenon Limited.

27 Received electricity bill amounted $1 500. No payment was made.

30 Max deposited $20 000 to business bank account as an additional capital.

31 Paid salaries expense $8 000 to the employees

Required

a) Prepare general journal entries for each of the above transactions and events.

b) Post the entries to ledger T accounts and balance the accounts as at 31 March 2021.

c) Prepare the Trial Balance as at 31 March 2021.

d) Prepare Income Statement, Statement of Changes in Equity and Balance Sheet as at 31 March 2021.