Write up the accounts to record the following transactions:

20X7 March 1 Started with £1,000 cash.

,, 2 Received a loan of £5,000 from M Chow by cheque, a bank account being opened and the cheque paid into it.

,, 3 Bought machinery for cash £60.

,, 5 Bought display equipment on credit from Betterview Machines £550.

,, 8 Took £300 out of the bank and put it into the cash till.

,, 15 Repaid part of Chow’s loan by cheque £800.

,, 17 Paid amount owing to Betterview Machines £550 by cheque.

,, 24 Repaid part of Chow’s loan by cash £100.

,, 31 Bought additional machinery, this time on credit from D Smith for £50