5.1 Mr Wall decided to set up in business as a sole trader on 1 January 20X1. He opened a business bank account into which he pays all the takings and from which he pays all business costs. His transactions for January 20X1 were as follows:

(a) Pay £5,000 into the bank as capital on 1 January.

(b) Buy a second-hand delivery van for £4,000 on 2 January paying by cheque.

(c) Pay one month’s rent on premises £100 on 3 January.

(d) Sell goods for £2,250 cash during the month.

(e) Collect £450 from debtors and pay £2,500 to creditors during the month.

(f) Withdraw £110 on 15 January.

(g) Pay insurance for one year, from 1 January 20X1, of £120 on 30 January.

Write up the bank account for January 20X1 and balance of the account.