Jacob Issacs is a Sole proprietor. He does not use double entry for his books. The period is Jan 20X4 - Dec 20X4

*Cash transactions

Opening Balance Jan 20X4 $5,000

Receipt

Receivables $80,000

Sales (Cash) $ 5,000

Payments

Delivery $10,000

Drawings $40,000

Utility $6,000

Put Cash in Bank Account $20,000

Closing Balance Dec 20X4 =$14,000

*Bank Transactions

Opening Balance Jan 20X4 $50,000

Receipt

Put Cash in Bank Account $20,000

Receivables $200,000

Payments

Bounced Check from Customer $500

Computer $30,000

Creditors $195,000

Interest on Loan $300

Salaries $60,000

Water $7,000

Other Expense $5,000

Closing Balance Dec 20X4 = -($18,000)

*These transactions happened in 20X4

$5000 is kept in cash float. [Greater than (>)$ 5000 put the surplus in the bank, less than (<) $5000 take the shortfall from the bank account.]

$7500 trade debt owed by a customer was set off against 15000 we owed to that customer.

An additional Cash sale customer returned items costing $6000. The customer was repaid from the daily cash sale. This transaction was not yet reflected.

Bad Debt $2,000

Bad Debt $5,000

Discount Allowed $6,000

Discount Received $3,000

Owner withdrew goods for personal use $10,000

Rent $25,000

Return Outwards/Purchases Return $5,500

The Owner issued a credit note $4,500

*Extra information Jan 20X4 Dec 20X4

Loan interest (Accrued) $0 $200

Bank Loan $15,000 $15,000

Computer $17,000 $35,000

Creditor $12,000 $13,500

Debtor $16,000 $18,000

Water (Accrued) $850 $0

Water (Prepaid ) $0 $700

Stock $7,500 $8500

For the year end Dec 20X4. Calculate:

1) Trial balance

2)Income statement

3) Statement of Changes in Equity

4)Balance Sheet

5)Cash Flow