Jones' Mower Repairs began operations on 1 August 2019 and completed the followingtransactions during the first month.

1. Darren Jones deposited $35 000 of his personal funds in a current account at a bank opened in the name of the business.
2. Mower repair equipment was purchased at a cost of $24 000, of which $14 000 was paid in cash. A loan payable was given for the remainder.
3. Darren collected $5000 from customers for repair services performed.
4. Shop rent was paid for the month of August, $1500.
5. Supplies amounting to $2100 were purchased on credit.
6. Wages of $1200 were paid as well as an account for electricity, $250.
7. Darren paid for the supplies purchased in (5) above.
8. Supplies used during August amounted to $750.

Required

1. schedule. List the following assets, liabilities and equity as column headings under the accounting equation:

• Cash at Bank;
• Supplies;
• Equipment;
• Loan Payable;
• Accounts Payable;
• D. Jones, Capital.

1. Show the effects of each of the transactions on the accounts listed. Indicate totals after each transaction and complete the schedule.
2. following financial statements:

• an income statement;
• a statement of changes in equity for the month ended 31 August 2019;
• a balance sheet as at 31 August 2019 (Narrative Format).