3. Business transactions and the balance sheet: 9 marks Herve runs a small business selling kids-trikes (which are imported from overseas). In January 2019 which was the first month of business Herve had the following transactions 1. Obtained a bank loan for $60,000 repayable in three years time. 2. Purchased inventory for $30,000 and paid $5,000 in cash and the balance to be paid in August 2019. 3. Purchased office supplies for $1,750 but agreed with the supplier to delay payment until March 4. Purchased furniture and equipment in cash including a new computer for $9,000 5. Herve paid $15,000 from his personal bank account into the business bank account as capital. Required: a) Record the transactions using the worksheet on page 5 of the answer booklet. (5 marks) b) Prepare the balance sheet as at 31 January 2019 using the worksheet on page 5 of the answer booklet. Identify each asset and liability as either current or non-current in the balance sheet. (4 marks)