The following transactions are for Drew Barrynore, who began a business named Hollywood’s Acting Training Ltd. The business began on 1 July 20x4 and has been operating for one month.

24 A student, Alison Ford, was invoiced for training services totalling $5,500.
A loan for $10,000 was obtained from Barclays bank to be used for the purchase of equipment at a later date.
25 An amount of $4,000 was received from Alison Ford as part payment of her account.
Also, a payment of $3,000 was made on the equipment purchased on 18 July.

Requied:
Prepare an SFP for Hollywood’s Acting Training Ltd as of 31 July 20x4.

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Transactions: 20x4 July 1 The owner opened an account in the name of the business, depositing $67,000 in cash. 8 The owner purchased a bus to allow picking up young students. She paid $45,000 in cash 18 for the vehicle. Equipment was purchased on credit on 30-day terms. The cost of equipment was $7,500.