The account of Erick Omondi Sons showed the following balances as at 30th June 2018:

The account of Erick Omondi & Sons showed the following balances as at 30th June 2018:

Building 300,000

Machinery 240,000

Debtors 30,000

Cash in hand 60,000

Creditors 8000

Capital 622,000

The following transactions during the 1st week of July 2018:

July 1 - bought stock for Cash 20,000

July 2 - Paid a creditor by Cash 5,000

July 3 - Sold goods for cash 10,000

July 4 - Received a check from a debtor 24,000

July 5 - Purchased stock by check 16,000

July 6 - A debtor paid by cash 2,000

Required:

I) Open ledger accounts and enter the balances on 1st July 2018, then record the transactions and balance the account on 7th July 2018

II) Extract a trial balance as at 7th July 2018