Revenues and expenses The following transactions occurred between 1 July 2021 and 30 June 2022 for AKH Limited.

a Issued share capital for $600 000 cash.

b Purchased $170 000 of inventory on credit.

c Paid $56 000 to accounts payable.

d Sold inventory costing $120 000 for $350 000. All sales are on credit.

e Received $220 000 from accounts receivable.

f Paid dividends of $60 000.

g Borrowed $200 000 on 1 July 2021. The loan is due on 30 June 2024 and carries a 10 per cent p.a.

interest rate. Paid $8000 interest on this loan during 2022.

h Paid wages of $180 000; wages of $40 000 had been earned by employees but not paid at year-end.

i On 1 June received a deposit of $80 000 for work to be carried out in the next year.

j Used $22 000 of electricity during the year, for which the company has not yet been billed.

k Paid a $24 000 insurance policy on 1 October 2021, covering 1 October 2021 to 30 September 2022.

Required:

1 List all revenues for the year (including dollar amounts).

2 List all expenses for the year (including dollar amounts).

3 By how much did the cash balance increase during the year?

4 Assuming zero opening balances, what is the balance of the following accounts at year end: inventory, accounts receivable, accounts payable, and prepayments?