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Your friend B . Buhari has started a new business on 1 May 2 0 2 4 and asked your help to record the following

Your friend B. Buhari has started a new business on 1 May 2024 and asked your help to record
the following transaction taken place during the last month.
May 1: B. Buhari deposited money in a business bank account $25,000 May 2: Negotiated overdraft from bank $10,000
May 3: Bought inventory from A. Fiddle on credit $16,500 May 3: Bought equipment from T. Xerox on credit $3,000
May 4: Paid three months rent in advance on shop premises $3,000 May 5: Sold goods on credit to I. Dunno $2,000
May 8: Cash sales for the week ending 17 May $9,750
May 10: I. Dunno returned faulty goods, gave full credit $630 May 11: Purchased stock from B. Fawlty for cash $13,560 May 15: Cash sales for the week ending 24 May $6,760 May 17: Paid A. Fiddle $16,500
May 18: Bought vehicle on 14 days credit $27,600 May 19: Paid T. Xerox $3,000
May 19: Paid telephone account $175 for the month May 19: Paid electricity account $150 month
May 20: Bought insurance and prepaid three months $1,800 May 24: Dunno paid his account $2,000
May 26: Sold goods on account to M. Mouse $13,750
May 27: The bank charged $200 as monthly fee for the overdraft. May 31: Cash sales, week ending May 31 $5,330
May 31 The closing inventory was $5,420
Required:
a) Prepare journal entries.
b) Post to the ledger accounts (T-account form).
c) Prepare trial balance.
d) Based on the trail balance, form a worksheet to prepare the comprehensive income and the balance sheet.
e) Prepare the comprehensive income and the balance sheet.
f) Comments on the financial performance and the position of the business.

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