Post Utme Futo 2024 Accounting Question 16

A company uses the single-entry system of accounting. The following transactions were recorded in the incomplete records of the company for the year ended December 31, 2023: 1. Purchased office equipment for ₦120,000. 2. Sold goods for ₦150,000. 3. Purchased raw materials for ₦80,000. 4. Paid salaries of ₦60,000. 5. Collected cash from customers for ₦100,000. 6. Paid rent for ₦40,000. 7. Purchased a new vehicle for ₦250,000. 8. Sold a vehicle for ₦180,000. 9. Paid electricity bills for ₦20,000. 10. Purchased a new computer for ₦30,000. Prepare a trial balance as at December 31, 2023.