XX is a small electronics business. The firm has provided a year-end balance sheet at 30 June 2016 and a summary of all the transactions that occurred in the month of July 2016.

	$
Current Assets
Cash	324 000
Accounts receivable	906 000
Inventory	1 332 000
Prepaid insurance	42 000
Prepaid rent	144 000
Total current assets	2 748 000
Noncurrent assets
Buildings and equipment	3 240 000
Accumulated depreciation	(804 000)
Total noncurrent assets	2 436 000
Total assets	5 184 000
Current liabilities
Accounts payable	1 620 000
Accrued wages	264 000
Unearned revenue	348 000
Total current liabilities	2 232 000
Noncurrent liabilities
Loan	1 200 000
Total noncurrent liabilities	1 200 000
Shareholders' equity
Share capital	1 420 000
Retained profits	332 000
Total shareholders' equity	1 752 000
Total liabilities and shareholders' equity	5 184 000

The transactions are as follows:

Item	Date: July	Transaction
a	1	Paid wages outstanding at the end of June.
b	2	Made credit sales of $1 254 000. (The cost of those goods sold was $750 000).
c	3	Paid $1 020 000 to accounts payable.
d	4	Purchased $480 000 inventory on credit.
e	5	Paid cash for an annual insurance premium of $504 000 (12-month policy commencing 1 August 2016). The current insurance policy is expensed monthly.
f	6	Received $1 680 000 from debtors.
g	7	Made cash sales totalling $270 000. (The cost of those goods sold was $192 000).
h	8	Interest on the loan is at 10 per cent per annum and will be paid in September. The loan was taken out on 30th June 2016.
i	9	The work related to unearned revenue was completed.
j	10	Paid wages expense of $186 000 for July. Wages owing at the end of July amount to $60 000.
k	11	Paid rent for August amounting to $144 000. (Rent is payable monthly in advance, at $144 000 per month).
l	12	Paid administrative expenses, incurred during the month, of $126 000.
m	31	Depreciation is calculated monthly at 20 per cent per annum for plant and equipment, based on cost.
n	31	Commissions are determined on the last day of the month at $13 200. They will be paid next month.
o	31	The company is owed $10 000 in interest from the bank at the end of July.

1 Journal entries. Using the previous balance sheet as a starting point, prepare, using a spreadsheet, the following data for the month ending 31 July 2016:

2 ledger accounts.

3 Post-adjustment trial balance.