Cosi, a painter and decorator, has the following transactions during September:

Required 1 Record all transactions in T-accounts.
2 Prepare a profit and loss account for the month.
3 Prepare a balance sheet as at 30 September.

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Sept. 1 Cosi started business with 7,000 in cash. 2 Purchases various equipment for 150, pays cash. 3 Purchases ladders for 120, pays cash. 8 Pays 1,000 cash into a business bank account 9 Pays insurance premiums of 100 in cash. 12 Purchases paint and wallpaper for Job. No. 1, for 135, on credit from Paint Ltd. 15 Completes Job. No. 1 and receives 240 cash from customer. 18 Purchases materials for Job. No. 2 for 190 - pays by cheque. 21 Pays secretary's wages, 400 in cash. 24 Purchases second-hand van for 1,900 - pays by cheque. 27 Completes Job. No. 2 for 410. His customer, Mr Aris, has agreed to pay in one month's time. 30 Pays account of WPS Ltd in full, by cheque.