Question
On 1 November, Ethan Harris started a new business. During November he carried out the following transactions: 1 November: Deposited 27,000 in a newly-opened business
- On 1 November, Ethan Harris started a new business. During November he carried out the following transactions:
1 November: Deposited £27,000 in a newly-opened business bank account.
2 November: Bought office supplies for £6,000 cash and inventories £7,500 on credit.
3 November: Borrowed £5,000 from a bank and deposited it in the bank.
4 November: Bought a car for £9,000 cash and withdrew £350 in cash for his own use.
5 November: Bought additional office supplies costing £10,500. The car bought on 4 November was given in part exchange at a value of £6,500. The balance of the purchase price for the new supplies was paid in cash.
6 November: Harris won £3,000 in a competition and paid the amount into the business bank account. He also repaid £1,500 of the borrowings.
Required:
Prepare a financial performance report for the business at the end of each day.
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