February 1	Started business with her own money of $35,000 which was deposited to a business bank account
February 7	Purchased delivery van from McGinley Motors for $22,000, paying a deposit of $2,000 (by check) with the balance on credit
February 8	Bought office equipment on credit from Eves Inc for $3,800
February 12	Paid for business advertising $540 by check
February 15	Withdrew $300 cash from bank to pay for miscellaneous business expenses (see below)
February 19	Bought stock/inventory on credit from P Gabriel $10,560
February 25	Sold goods on credit to S McDevitt for $12,150 that cost $7,900
February 27	Paid $120 cash for stationery
March 1	Paid P Gabriel all monies due to them by check
March 7	Paid rent of $6,000 by check for last month and the next 3 months (for business premises)
March 13	Purchased stock/inventory from G Harold by check for $5,000
March 18	Purchased dcor for business premises with cash $45
March 25	Sold goods to J Rudling for $8,100 and received a check these goods cost $6,400
March 30	Received rent of $600 (Julie sub-let part of the business premises she rented).

On 6 April, Julie received a bank statement showing bank charges deducted from the business bank account of $15 for the two-month period.

Required

1. Prepare journal entries for the above transactions (please use an Excel spreadsheet to do so).
2. Determine how much stock/inventory and cash is left and what the balance in the bank account is at the end of the 2-month period.
3. How much is owed to Julie from her customers and how much does she owe to her suppliers etc.?
4. Outline what the basic accounting equation is and what liabilities are.