Jock O'Donoghue has recently started Jock's Tool Supplies, a retailer of tools and other supplies to the heavy haulage and earth moving industry.The following transactions have occurred in the first month of the business' operations:

Jan4Jock commenced business by contributing cash of $4 000, inventory of $15 000, furniture of $1 500, a building $68 000 and a mortgage on the building of $40 000.

4Purchased a computer on credit for $3 000.

6Sold inventories for cash of $2 200.The cost price of the inventory was $1 075.

8Purchased inventory on credit for $8 000.

9Paid cash of $400 for the telephone calls for the month.

13Jock took $150 cash and $50 of inventory for his own personal use.

17Sold tools on credit to a local logging contractor for $5 600.These tools originally cost $540.

18Paid $2 000 to creditors towards the amount owing.

22Paid light and power of $250 by cash.

25The business repaid $1 000 of the mortgage.

27Paid interest on the mortgage of $100.

28Another business is renting a small part of the building as office space.The paid $500 for January's rent.

28Purchased some tools for resale from a local manufacturer.They cost $700 and the manufacturer was paid in cash.