3.3 On 1 February 2005, Marco started a new business. During February he carried out the following transactions:

1 February: deposited EUR 40,000 in a bank account 2 February: purchased office furniture for EUR 12,000 cash, and inventory for EUR 16,000 on credit 3 February: borrowed EUR 10,000 from a relative and deposited it in the bank 4 February: purchased a van for EUR 14,000 cash 7 February: purchased another van costing EUR 18,000. The van purchased on 4 February was given in part exchange at its cost (EUR 14,000).

The balance of purchase price for the new van was paid in cash 8 February: Marco won EUR 4,000 at Bingo and paid the amount into the enterprise’s bank account. He also repaid EUR 2,000 of the loan.

Analyse each transaction using the accounting equation. Prepare a balance sheet for Marco’s enterprise at the end of each day.