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Jack Smith, a baker, has been working at his friends bakery a part time basis for the past 3 years.As of January 1 , 2

Jack Smith, a baker, has been working at his friends bakery a part time basis for the past 3 years.As of January 1,2018, Jack decided to pursue his own dreams of buying and selling pastries. Herented a space from his friend and entered into the following transactions during January 2018:Jan 1 Jack invested the following assets into the business: cash, $12,000; office equipment,$30,000 and a bank balance of $80,000.Jan 2 Paid rent for January by cheque $14,000Jan 2 Purchased motor vehicle on credit from Deals on Wheels Ltd. for $50,000.Jan 3 Bought office furniture from Kurtz JA. Ltd, paying by cheque $15,000Jan. 3 Bought merchandise for resale by cheque $20,000.Jan 3 Sold merchandise to Candy Lou, for cash $10,000.Jan 4 Sold merchandise on credit to Patrick Poser $40,000.Jan 5 Sold merchandise on credit to Janice Russell $4,500.Jan 6 Patrick Poser settled his account with cash receiving a 5% cash discount.Jan 6 Merchandise valued at $1,050, sold to Janice Russell on January 5, wasreturned to JackSmith. A credit note was given to Janice Russell.Jan 7 Sold merchandise on credit to J.F. Mills Ltd $33,000.Jan 8 Bought merchandise on credit from Natalie Lowe $12,000.Jan 11 Received a long term loan from JNBC Bank for $ 45,000 by cheque.Jan 11 Bought stationery for cash $12,000.Jan 15 Bought merchandise on credit from Nickette Morgan $17,500.Jan 18 Lodged cash of $13,500 to the business bank accountJan 20 Jack took pastries for his daughters 5th birthday party amounting to $7,000Jan 20 Paid Natalie Lowe $10,800 in full settlement of the balance outstanding by chequehaving received a discount of $1,200.Jan 25 Commission was received by cash, $5,000.Jan 12 Paid wages by cash $15,000.Jan 27 Purchased merchandise on credit from Kukupas Creations for $8,000.Jan 30 Paid electricity by cash $5,600, insurance $12,000 by cheque.
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