Question textYou have been given the following ledger accounts for the Lombardo Locks. You are required to correctly balance all ledger accounts at 10 May and prepare a Trial Balance as at 10 May. Make sure you carry out all the correct steps in balancing. Bank [table] Date | Details | $ | Date | Details | $ May 1 | Capital | 35000 | May 3 | Shop fittings | 4000 May 4 | Service income | 3000 | May 6 | Wage expense | 500 May 10 | Accounts receivable | 1200 | May 8 | Accounts payable | 1200 | | | May 9 | Drawings | 1000 | | | MayAnswer 1 Question 1 1011 | Answer 2 Question 1 Opening BalanceClosing Balance | Answer 3 Question 1 | | 39,200 | | | 39,200 MayAnswer 4 Question 1 1011 | Answer 5 Question 1 Opening BalanceClosing Balance | Answer 6 Question 1 | | | [/table] Vehicle [table] Date | Details | $ | Date | Details | $ May 1 | Capital | 25,000 | MayAnswer 7 Question 1 1011 | Answer 8 Question 1 Opening BalanceClosing Balance | Answer 9 Question 1 | | 25,000 | | | 25,000 MayAnswer 10 Question 1 1011 | Answer 11 Question 1 Opening BalanceClosing Balance | Answer 12 Question 1 | | | [/table] Capital [table] Date | Details | $ | Date | Details | $ MayAnswer 13 Question 1 1011 | Answer 14 Question 1 Opening BalanceClosing Balance | Answer 15 Question 1 | May 1 | Bank | 35,000 | | | | Vehicle | 25,000 | | 60,000 | | | 60,000 | | | MayAnswer 16 Question 1 1011 | Answer 17 Question 1 Opening BalanceClosing Balance | Answer 18 Question 1 [/table] Accounts Receivable [table] Date | Details | $ | Date | Details | $ May 5 | Service income | 2000 | May 10 | Bank | 1200 | | | MayAnswer 19 Question 1 1011 | Answer 20 Question 1 Opening BalanceClosing Balance | Answer 21 Question 1 | | 2,000 | | | 2,000 MayAnswer 22 Question 1 1011 | Answer 23 Question 1 Opening BalanceClosing Balance | Answer 24 Question 1 | | | [/table] Stock of Materials [table] Date | Details | $ | Date | Details | $ May 2 | Accounts payable | 1,200 | MayAnswer 25 Question 1 1011 | Answer 26 Question 1 Opening BalanceClosing Balance | Answer 27 Question 1 May 7 | Accounts payable | 8,000 | | | | | 9,200 | | | 9,200 MayAnswer 28 Question 1 1011 | Answer 29 Question 1 Opening BalanceClosing Balance | Answer 30 Question 1 | | | [/table] Wage Expense [table] Date | Details | $ | Date | Details | $ May 6 | Bank | 500 | MayAnswer 31 Question 1 1011 | Answer 32 Question 1 Opening BalanceClosing Balance | Answer 33 Question 1 | | 500 | | | 500 MayAnswer 34 Question 1 1011 | Answer 35 Question 1 Opening BalanceClosing Balance | Answer 36 Question 1 | | | [/table] Service Income [table] Date | Details | $ | Date | Details | $ MayAnswer 37 Question 1 10N/A | Answer 38 Question 1 BalanceN/A | Answer 39 Question 1 | May 4 | Bank | 3000 | | | May 5 | Accounts receivable | 2000 | | 5,000 | | | 5,000 | | | MayAnswer 40 Question 1 1011 | Answer 41 Question 1 Opening BalanceClosing Balance | Answer 42 Question 1 [/table] Shop Fittings [table] Date | Details | $ | Date | Details | $ May 3 | Bank & Accounts payable | 14,000 | MayAnswer 43 Question 1 10N/A | Answer 44 Question 1 BalanceN/A | Answer 45 Question 1 | | 14,000 | | | 14,000 MayAnswer 46 Question 1 1011 | Answer 47 Question 1 Opening BalanceClosing Balance | Answer 48 Question 1 | | | [/table] Drawings [table] Date | Details | $ | Date | Details | $ May 9 | Bank | 1000 | MayAnswer 49 Question 1 10N/A | Answer 50 Question 1 BalanceN/A | Answer 51 Question 1 | | 1,000 | | | 1,000 MayAnswer 52 Question 1 1011 | Answer 53 Question 1 Opening BalanceClosing Balance | Answer 54 Question 1 | | | [/table] Accounts Payable [table] Date | Details | $ | Date | Details | $ May 8 | Bank | 1200 | May 2 | Stock of materials | 1,200 MayAnswer 55 Question 1 10N/A | Answer 56 Question 1 BalanceN/A | Answer 57 Question 1 | May 3 | Shop fittings | 10,000 | | | May 7 | Stock of materials | 8,000 | | 19,200 | | | 19,200 | | | MayAnswer 58 Question 1 1011 | Answer 59 Question 1 Opening BalanceClosing Balance | Answer 60 Question 1 [/table] Trial Balance as at May 10 [table] Accounts | Debit (DR) | Credit (CR) Bank | Answer 61 Question 1 32500N/A | Answer 62 Question 1 32500N/A Vehicle | Answer 63 Question 1 25000N/A | Answer 64 Question 1 25000N/A Capital | Answer 65 Question 1 60000N/A | Answer 66 Question 1 60000N/A Accounts receivable | Answer 67 Question 1 800N/A | Answer 68 Question 1 800N/A Stock of materiaAls | Answer 69 Question 1 9200N/A | Answer 70 Question 1 9200N/A Wage expense | Answer 71 Question 1 500N/A | Answer 72 Question 1 500N/A Service income | Answer 73 Question 1 5000N/A | Answer 74 Question 1 5000N/A Shop fittings | Answer 75 Question 1 14000N/A | Answer 76 Question 1 1400N/A Drawings | Answer 77 Question 1 1000N/A | Answer 78 Question 1 1000N/A Accounts payable | Answer 79 Question 1 18000N/A | Answer 80 Question 1 18000N/A | | Total | Answer 81 Question 1 | Answer 82 Question 1 [/table]