The following transactions occurred over the month of January.

1 JanuaryYou invest $50,000 cash into the business. You obtained the money from your parents that they consider an interest free loan. You go to ZNA Bank and open a business bank account. Mellisa signs an employment agreement where she is contracted to receive $13,000 per year paid fortnightly. Her salary will be paid in arrears. On this same day you sign a 6 month lease agreement to rent a warehouse beginning today. The rent for the 6 month period is $6,000 and is paid in full.

5 JanuaryYou purchase 10,000 face masks from a supplier in China and pay cash. The cost per mask is $2. Shipping costs of $1,000 are also paid for. The masks arrive the same day as there was excess stock in a nearby warehouse.

7 JanuaryMellisa receives a large sales order for 6,000 face masks to be delivered to Dunsborough Doctors. As you are just starting out, you and Mellisa agree that you are happy to receive a smaller profit margin in order to secure long term customers. The selling price per face mask is $3. You extend 1 month credit to the customer and you are both very happy with this first sale. Mellisa ships the order to Dunsborough Doctors and pays a shipping cost of $500 to the delivery driver.

8 JanuaryYour first week is a successful one. You decide to pay back $5,000 that you borrowed from you parents.

15 JanuaryYou decide delivery costs are too expensive so you buy a ute that you will use to make deliveries. The cost of the ute is $20,000. You are worried about working capital requirements in your business so you pay for half of the ute with cash and decide to take a loan for the balance from ABC Bank. The loan term is for two years at an annual interest rate of 12% due to be paid at the end of each month. The ute is expected to have a useful life of 5 years.

16 JanuaryYou pay Mellisa's fortnightly wages. You receive a cheque from Dunsborough Doctors for 50% of the balance that they owe.

20 JanuaryYou find a reasonably priced local supplier of masks and purchase 5,000 masks on 7 days credit from Paul's PPE. The price per mask is $3 and since you picked these up in your new ute you don't need to pay any delivery costs. On the way back to your warehouse you buy $500 of office supplies such as pens, paper and ink cartridges.

21 JanuaryYou withdraw $250 from the business to pay for a personal parking fine.

27 JanuaryYou pay what you owe Paul's PPE in full.

31 JanuaryYou receive the electricity bill for January which is $300. In addition a stock count shows $100 of supplies on hand. You pay the interest due and record any other necessary entries.

Show all transaction from january 1 to january 31 in these excel for revision