(a) Record the following transactions in journal entry form :
for Paragon Products for July 1984:
(i) Payment of £3600 in respect of three months rent;
(ii) Purchase of office equipment for £6000, cash;
(iii) Receipt of £ 1150 from credit customers in respect of accounts outstanding;
(iv) Purchase of goods for resale, £5300, on credit terms;
(v) Payment of employees salaries for month, £646;
(vi) Motor expenses incurred, but not yet paid, £325;
(vii) Sale of goods on cash terms, £4960;
(viii) Sale of goods on credit terms, £7150;
(ix) Cost of goods sold, £6418;
(x) Depreciation on motor vehicles, £1120.

(b) Prepare an Income Statement for July 1984based on the information provided in (a).