(b) Record the effects of the above transactions in the ledger accounts.

The ledger accounts are the individual records for each account in a company's financial statements. Here's how the transactions would affect the ledger accounts:

1. Cash Opening balance: $448,000 Add: Received from customers$31,500 Add: Contribution from shareholders $265,000 Less: Purchase of inventory$26,800 Less: Repaid loan $82,400 Closing balance:$665,300

2. Inventory Opening balance: $201,000 Add: Purchased inventory$26,800 Less: Cost of goods sold $44,500 Closing balance:$183,300

3. Accounts Receivable Opening balance: $81,000 Less: Received from customers$31,500 Add: Sold goods on credit $78,500 Closing balance:$128,000

4. Loan Payable Opening balance: $340,000 Less: Repaid loan$82,400 Closing balance: $257,600

5. Share Capital Opening balance: $390,000 Add: Contribution from shareholders$265,000 Closing balance: $655,000

6. Sales Revenue (new account) Opening balance: $0 Add: Sold goods on credit$78,500 Closing balance: $78,500

7. Cost of Goods Sold (new account) Opening balance: $0 Add: Cost of goods sold$44,500 Closing balance: $44,500

These ledger accounts now reflect the changes due to the transactions. They can be used to prepare the trial balance, income statement, and balance sheet.

The ledger accounts are the individual records for each account in a company's financial statements. Here's how the transactions would affect the ledger accounts:

1. Cash Opening balance: $448,000 Add: Received from customers$31,500 Add: Contribution from shareholders $265,000 Less: Purchase of inventory$26,800 Less: Repaid loan $82,400 Closing balance:$665,300

2. Inventory Opening balance: $201,000 Add: Purchased inventory$26,800 Less: Cost of goods sold $44,500 Closing balance:$183,300

3. Accounts Receivable Opening balance: $81,000 Less: Received from customers$31,500 Add: Sold goods on credit $78,500 Closing balance:$128,000

4. Loan Payable Opening balance: $340,000 Less: Repaid loan$82,400 Closing balance: $257,600

5. Share Capital Opening balance: $390,000 Add: Contribution from shareholders$265,000 Closing balance: $655,000

6. Sales Revenue (new account) Opening balance: $0 Add: Sold goods on credit$78,500 Closing balance: $78,500

7. Cost of Goods Sold (new account) Opening balance: $0 Add: Cost of goods sold$44,500 Closing balance: $44,500

These ledger accounts now reflect the changes due to the transactions. They can be used to prepare the trial balance, income statement, and balance sheet.