help please this is second time posting
Record the following entries in a worksheet format and copyyour answer into the space provided. You and your friend start a business which sells face masks to small medical practices across Western Australia. You lease a small warehouse, employ Mellisa as manager who will deal with the salesy'customers while you deal with the accounting function of the business. 1 January You invest $50,000 cash into the business. You obtained the money from your parents that they consider an interest free loan. You go to ZNA Bank and open a business bank account. Mellisa signs an employment agreement where she is contracted to receive $13,000 per year paid fortnightly. Her salary will be paid in arrears. On this same day you sign a 6 month lease agreement to rent a warehouse beginning today. The rent for the 6 month period is $5000 and is paid in full. 5 January You purchase 10,000 face masks from a supplier in China and pay cash. The cost per mask is $2. Shipping costs of $1,000 are also paid for. The masks arrive the same day as there was excess stock in a nearby warehouse. 7 January Mellisa receives a large sales order for 6,000 face masks to be delivered to Dunsborough Doctors. As you arejust starting out, you and Mellisa agree that you are happy to receive a smaller prot margin in order to secure long term customers. The selling price per face mask is $3. You extend 1 month credit to the customer and you are both very happy with this rst sale. Mellisa ships the order to Dunsborough Doctors and pays a shipping cost of $500 to the delivery driver. B January Your rst week is a successful one. You decide to pay back $5,000 that you borrowed from you parents. 15 January You decide delivery costs are too expensive so you buy a ute that you will use to make deliveries. The cost of the ute is 120000. You are worried about working capital requirements in your business so you pay for half of the ute with cash and decide to take a loan for the balance from ABC Bank. The loan term is tor two years at an annual interest rate ot12% due to be paid at the end of each month. The ute is expected to have a useful lite of 5 years. 16 January You pay Mellisa's fortnightly wages. You receive a cheque from Dunsborough Doctors for 50% of the balance that they owe. 20 January You nd a reasonably priced local supplier of masks and purchase 5,000 masks on 7 days credit from Paul's PPE. The price per mask is $3 and since you picked these up in your new ute you don't need to pay any delivery costs. On the way back to your warehouse you buy $500 of ofce supplies such as pens, paper and ink cartridges. 21 January You withdraw $250 from the business to pay for a personal parking fine. 27 January You pay what you owe Paul's PPE in full. 31 January You receive the electricity bill for January which is $300. In addition a stock count shows $100 of supplies on hand. You pay the interest due and record any other necessary entries
