After a number of years as a successful Chartered Accountant at a national firm, you decide to quit the rat race and pursue your true love - yoga

Date

Transaction

July 5

You collected $2,400 in total from new members as membership fees for July 2021 in cash.

       15

Yogi, the yoga instructor is paid $1,300 as salary for July 2021.

       20

Rent is paid for the month of July 2021 in cash $2,500.

       30  

You received the bills for electricity $250 and telephone $120 for the month of July. This will be paid on August 15, 2021.

Date

Transaction

August 5

You collected $2,500 in total from members as membership fees in cash. Of this amount, $1,400 is for classes that members will attend in August and $1,100 is for classes that they will attend in September 2021.

             15

Yogi, the yoga instructor earns $1,300 for teaching yoga classes in August 2021. Of this amount, $650 is paid on August 15, 2021 and the remaining $650 will be paid on September 15, 2021.

             17

Sold yoga mats for $800 in cash.

              19

You were running low on cash, so you borrowed $10,000 in cash from your local bank. This loan will have to be repaid after 3 years.

             20

Rent is paid for the month of August 2021 in cash $2,500.

             25

A client who had paid $50 for yoga classes in August was very dissatisfied with her classes. She wanted a refund. You agreed to refund the $50 paid by the client.

             30   

You received the bills for electricity $360 and telephone $100 for the month of August. This will be paid on September 15, 2021.

             30

You withdrew $1,200 of your investment from the business to pay for your personal expenses.

              30

A stock take reveals that you have $1,600 of yoga mats and clothing in stock.