Question 2 Exercise 2.11 Please use template below to complete parts A and B (don't forget to complete part C). The first transaction has been provided for you. Jones' Mower Repairs began operations on 1 August 2019 and completed the following transactions 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 $5 000 from customers for repair services performed. 4. Shop rent was paid for the month of August, $1500. 5. Supplies amounting to $2 100 were purchased on credit. 6. Wages of $1 200 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 (a) Using the schedule on the next page list the following assets, liabilities and equity as column headings: Cash at Bank; Supplies; Equipment; Loan Payable; Accounts Payable; D. Jones, Capital. (b) Show the effects of each of the transactions on the accounts listed. Complete the schedule ensuring you total each column after transaction 8. (c) Prepare an income statement and a statement of changes in equity for the month ended 31 August 2019, and a balance sheet as at 31 August 2019. Answer on Event Analysis Table on the next page 4 Topic 1 Week 1 Workshop (a) + (b) Assets Liabilities Equity Supplies Equipment Cash at Bank $35,000 Accounts Payable + Loan Payable D. Jones, + Capital $35,000 (1) + 5