PART B: Answer all questions (20 marks) Financial balances for Tom's business on 30 June 20X3 are given below: ASSETS LIABILITIES Cash 20,000 Account Payable 6,063 Account Receivable 33,125 Loan 21,875 Inventory 2,500 OWNERS EQUITY Equipment 49,688 Capital 77,375 Total Assets 105,313 Total Liabilities & Owners Equity 105,313 During the month of July 20X3, the following transactions occurred: 1. Paid $4,720 on account payable. 2. Collected $14,800 of the account receivable. 3. Purchased equipment for $12,400, paid $3,000 in cash and signed a loan agreement for the balance. 4. Billed customers for services completed, $11,640. 5. Purchased supplies on credit $680. 6. Paid cash for advertising expense $1,200; rent $4,000 and wages $4,100. 7. Collected $13,500 of the accounts receivables. 8. The owner withdrew $1,200 for personal use. 9. Received $200 electricity bill to be paid in August 20X3. REQUIRED: (a) Record each business transaction, using the accounting equation format (15 marks) (b) Prepare a Statement of Financial Position for the month of July.(5 marks)