Paid cash for jewellery making supplies purchased. The supplies cost of $1,750. Paid accrued expenses from previous year. Purchased lapidary supplies on credit for $840. These supplies are held for re-sale. A new credit card arrived. With a credit limit of $5,000, the credit card is to be used exclusively for the hobby business. 5 4 Using the new credit card, premium cabbing equipment was purchased on 5 September 2019 for $3,950. This equipment was to be depreciated using the units of production method. Its useful life is expected to be around 5 years or 5000 hours with a residual value of $550. At 30 June 2020 the cabbing machine had been used for 600 hours. On 31 October 2019, $500 was paid in cash for a regular advertisement in the bi-monthly Lapidary magazine. The first advertisement would appear in the December edition and continue for 12 months. On 1 January 2020 paid the insurance premium. The insurance company offered a discount to pay a full year premium, so your friend decided to pay the $150 for a full year. Credit sales for the year totalled $4,000, while cash sales totalled $13,000. The lapidary supplies sold had cost $2,500. Gemstones that had been dug out of the ground, cleaned, cut and polished, accounted for the majority of the turnover. Wages totalling $ 700 were paid during the year. At the end of the year, $160 of wages for the last week of the year was owed to a cousin who had helped at the market stall. 10 Paid cash to creditors for $2,500. 11 Received an online order for an original design amethyst necklace. The customer paid the quoted price of $ 900 up-front when they placed the order on 28 May 2020. It was expected to take 6 weeks to complete the job. 12 Received $2 800 from debtors and paid $2,000 off the credit card and repaid $3000 owing on the loan from the fellow club member. 13 During the year paid $1 650 cash for vehicle running expenses and $710 for electricity to the shed. 14 Jewellery supplies on hand at 30 June 2020 were $230. 15 On 30 June 2020, applied for a 5-year prospecting and fossicking licence and paid the application fee of $32.40. The licence will permit fossicking activities outside of the declared fossicking areas that your friend had been limited to previously. -234 a. Use an Excel spreadsheet to draw up a worksheet (based on the accounting equation) and enter the transactions for the year.