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Lina started her own accounting firm, MAZE - ING, on 1 April 2015. The following transactions occurred during the month of September 2020. Their financial

Lina started her own accounting firm, MAZE - ING, on 1 April 2015. The following transactions occurred during the month of September 2020. Their financial year starts on the 1 July and ends on 30 June.

Date

Transactions

1

Lina contributed $50,000 cash to the business.

2

The business borrowed a $40,000 loan (due in 3 years) from the bank.

15

Provided $6,600 (GST Inclusive) of services on credit.

25

Received $4,000 cash from credit customers.

29

Paid $770 utilities (GST inclusive) for the month.

29

Paid $5,000 off an amount owing to the bank.

30

Withdrew cash of $2,000 from the business for personal use.

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