2.15 LO2/4 On 1 March 2017 Joe Conday started a new business. During March he carried out the following transactions:

March 1 Deposited $20,000 in a bank account.

2 Purchased fixtures and fittings for $6,000 cash, and inventory valued at $8,000 on credit.

3 Borrowed $5,000 from a relative and deposited it in the bank.

4 Purchased a car for $7,000 cash and withdrew $200 for own use.

5 Purchased another car costing $9,000. The car purchased on 4 March was given in part exchange at a value of $6,500. The balance of the purchase price for the new car was paid in cash.

6 Conday won $2,000 in a lottery and paid the amount into the business bank account.

He also repaid $1,000 of the loan.

(a) Prepare a statement of financial position for the business at the end of each day using the horizontal format.