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help, thank you 1. John set up his own electrical business on 1 July 2022 and has two employees. During the 12 months up to
help, thank you
1. John set up his own electrical business on 1 July 2022 and has two employees. During the 12 months up to 30 June 2023 the following transactions occurred: - Bank loan of $100,000 taken out on 1 July 2022 for one year (Interest at 5% per annum, with interest to be paid at the end of the loan). - Delivery Van purchased on 1 July 2022 for $50,000 cash (Depreciated over 5 year useful life) - Employee Wages paid of $20,000 and owed $6000 in wages. - Machinery purchased for $20,000 cash. - Maintenance expenses of $2,000. - John billed (invoiced) customers for work performed during the year for $100,000 ( $50,000 had been collected and $50,000 outstanding/owing)Step by Step Solution
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