Question

Jones’ Mower Repairs began operations on 1 August 2019 and completed the following transactions during the first month.

1. Darren Jones deposited $35 000 of his personal funds in a current account at a bank opened in the name of the business.

2. Mower repair equipment was purchased at a cost of $24 000, of which $14 000 was paid in cash. A loan payable was given for the remainder.

3. Darren collected $5000 from customers for repair services performed.

4. Shop rent was paid for the month of August, $1500.

5. Supplies amounting to $2100 were purchased on credit.

6. Wages of $1200 were paid as well as an account for electricity, $250.

7. Darren paid for the supplies purchased in (5) above.

8. Supplies used during August amounted to $750.


Required

a. Prepare a schedule. List the following assets, liabilities and equity as column headings under the accounting equation:

• Cash at Bank;

• Supplies;

• E

Answer 1

Answer:

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