Use following information to answer question 6 and 7. Fast Service Ltd in Chesterfield started its business in August 2020 and the following transactions were reported during the month. (i) Simon ( owner) deposited 150,000 in the business bank account on 1st August 2020 (ii) Bought Motor Vehicle for 25,000 cash on 2nd August 2020 (iii) Purchased goods for 30,000 cash on 5 August 2020. (iv) Sold goods 20,000 to customers on credit on 7th August 2020 6. Prepare journal entries to record the above transactions. (8 marks) Answer: Journal: Fast Service Ltd (1 mark for each correct entry-date and account name must all be accurate) Date Accounts Dr () Cr (E) 0 (1) + (iv) + 7. Prepare 'Cash and Bank account' using your answers to question 6 above and balance offthe account. (5 mark) Answer: (1 mark for each correct entry-date and account name must all be accurate) Cash and Bank Alc Date Account Date Account + +