ACCOUNTING EQUATION

Kimberley Kites had the following transactions in January 2014:

1 Jan: Owner contributed R10 000 into the business bank account as his initial contribution.

2 Jan: Purchased 20 hand-painted kites for cash from a small supplier in Ocean View for R250 each.

6 Jan: Purchased a sander (which will be used to smooth the kite frames) for R4 000 on credit from Mica Hardware.

18 Jan: Sold 3 kites on credit to Total Sports for R450 each.

25 Jan: Sold 2 kites for R480 cash each and deposited the money into the business bank account.

27 Jan: Purchased prepaid electricity amounting to R1 000 for cash. The electricity will only be used in February 2010.

30 Jan: The owner, who had forgotten that it was her niece's birthday, took a kite from the shop as a birthday present.

31 Jan: Paid wages for January 2010 amounting to R600.