Tony started "Dream Consulting" on 1 July 2019. During the first month of operations, the business completed the following transactions 1 July Tony invested S50,000 cash in the business. 1 July Paid office rent of $48,000 for two years. Paid S1,200 for fire insurance for one year 1 July 3 July Purchased office supplies for $500 on account. Paid a downpayment of 40% of S10,000 for office furniture from DH Furnishings The remaining 60% to be paid upon delivery of the office furniture. 5 July 10 July Received S6,000 from a client as advance payment for services to be performed next month Received a $2,000 bill for advertising expense that will be paid next month 15 July 27 July Paid utilities bill of $200. Performed service for a client and received cash of S12,000. 29 July 31 July Received delivery of the office furniture from DH Furnishings Paid salary of $5,000 31 July 31 July Signed an agreement to buy a new machine costing $20,000 to be delivered three months later. No down-payment was given. Analyse the above and prepare the necessary entries for the month of July 2019 (a) Narrations are not required (15 marks) (b) Prepare the trial balance as at 31 July 2019. (9 marks) Identify the following from the trail balance: (c) The net profit for the month ending 31 July 2019 (i) (ii) The total assets as at 31 July 2019. (iii The total liabilities as at 31 July 2019 You do not need to prepare the financial statements. However, you need to show the workings 1 July Tony invested $50,000 cash in the business 1 July Paid office rent of $48,000 for two years. 1 July Paid S1,200 for fire insurance for one year Purchased office supplies for $500 on account 3 July 5 July Paid a downpayment of 40% of $10,000 for office furniture from DH Furnishings The remaining 60% to be paid upon delivery of the office furniture Received S6,000 from a client as advance payment for services to be performed next month. 10 July Received a $2,000 bill for advertising expense that will be paid 15 July next month. Paid utilities bill of $200. 27 July Performed service for a client and received cash of S12,000 29 July Received delivery of the office furniture from DH Furnishings 31 July 31 July Paid salary of S5,000 31 July Signed an agreement to buy a new machine costing S20,000 to be delivered three months later. No down-payment was given. Analyse the above and prepare the necessary entries for the month of July 2019 Narrations are not required. (a) (15 marks) Prepare the trial balance as at 31 July 2019. (b) (9 marks) (c) Identify the following from the trail balance: The net profit for the month ending 31 July 2019 (i) The total assets as at 31 July 2019 (ii) (iiiThe total liabilities as at 31 July 2019 You do not need to prepare the financial statements. However, you need to show the workings. 1P