Record the transactions in Question 4.8 in the three primary accounts of Dr Jack Lane. 

Balance all three accounts.

Data from Question 4.8.

On 1 January 20x1, Dr Jack Lane opened a surgery in Wynberg, Cape Town and engaged in these transactions:

1 Opened a bank account under the business name of Dr Jack Lane and paid in an amount of R50 000.

2 Purchased rooms for the use as surgery and consulting rooms for R40 000, paying R10 000 by cheque and raising a 10-year mortgage loan for the balance.

4 Bought equipment and furniture on credit from Medical Suppliers Limited for R9 500.

13 Dr Lane drew a cheque on his personal bank account for R2 500 in part payment of the Medical Suppliers Limited account.

16 Paid R820 for surgical supplies.

17 It was discovered that part of the furniture purchased on 4 January was not suitable for his office needs. So, instead Dr Lane sold it on account to a fellow practitioner, Dr Upson, at its cost of R1 000.

31 Received R700 from Dr Upson on account.