16 7 PART D: Journalizing & Statement of Owner's Equity (Application) 15 marks 1. Gillian Masters started up her own business called 'Masters Golf where she provides golfing lessons Here are the accounts of her business: Assets Cash Accounts Receivable Prepaid Insurance Equipment Owner's Equity G. Masters, Capital G. Masters, Drawings Revenue Lesson Revenue Liabilities Accounts Payable Unearned Revenue Expenses Advertising Expense During August, the following transactions occurred: August 1 Gillian received $300 for providing golf lessons. 3 Gillian received $175 from a customer in advance of lessons that will occur next month (in September) 5 Gillian paid $100 for advertising in the local paper 7 Gillian purchased golf equipment for $300 on account. 9 Gillian invested $1000 in the business