Patricia Sze incorporated Patricia's Snack Shop on April $30,2024,$ by investing $$3,120$ in cash. The following is a summary of the other events affecting the business during its first eight months of operations:

On May $1,$ Patricia acquired a licence from the municipality at a cost of $$93.$ The licence allows her to operate the snack shop for one year.

On May $2,$ she borrowed $$6,240$ from the bank and used most of it to buy equipment costing $$6,000.$ The interest rate on the loan is $10\%,$ and the interest is to be paid annually $($each May$).$ The entire principal amount is repayable at the end of three years. Patricia estimates that the equipment will last $10$ years, after which it will be scrapped. On December $31,2024,$ she estimated that the equipment could have been sold for $$5,760.$

At the beginning of September, Patricia realized that she should have liability insurance and purchased a one$-$year policy effective immediately. The pr$$mium paid was $$468.$

Her business is located in a small shop near the university campus. The rental cost is $$555$ per month, and she has paid nine months of rent thus far.

Patricia paid herself a salary of $$624$ a month, and a part$-$time assistant earned wages of $$220$ each month. Hower, she has not yet paid her assistant his wages for December.

Patricia's purchases of food supplies, on account, cost a total of $$14,040.$ All but $$2,810$ of this has been used, and she still owes the supplier $$2,500.$ Of the food supplies that have been used, most went into snacks that were sold to customers; however, Shirley ate some of them herself, as on$-$the$-$job meals. She estimates that the snacks she consumed were purchased from the supplier at a cost of approximately $$125$ and were priced to sell to her customers for approximately $$250.($Hint: Use Miscellaneous Expense.$)$

According to her bank records, Patricia received $$26,440$ from her customers and deposited this in the bank during the period. However, a customer still owes her $$312$ for snacks provided for a company party held shortly before the end of the year. The balance in her bank account on December $31$ is $$6,172.$