Question No. 3 You are required to open the books of F. Polk via the journal to record the assets and liabilities, and then to record the daily transactions for the month of November 2017. Nov. 1 Assets: Premises $ 34,000; Van $5,000; Fixtures $800; Inventory $6,390; Accounts Receivable $450; Cash at bank $6,300; Cash in hand $560. Liabilities: Accounts payable $1,300 Bought a motor bike on credit from Lakeside Garage for $5,500. 3 A debt of $347 owing from T Reason was written off as a bad debt. 8 Office Furniture bought by us for $600 was returned to the supplier Modern Furniture Ltd., as they were unsuitable. Full allowance will be given to us. 2 2 12 14 28 We are owed $300 by J. Day. He is declared bankrupt and we received $190 cash in full settlement of the debts. We take goods costing $60 out of the business inventory for private use. Some time ago we paid an insurance bill thinking that it was all in respect of the business. We now discover that $40 of the amount paid was in fact insurance fo our private house. (20 marks