Question
The following were his transactions for his first month of operations: June 1 ***Mr. Palmer opened a bank account at the National Commercial Bank with
The following were his transactions for his first month of operations:
June 1 ***Mr. Palmer opened a bank account at the National Commercial Bank with $100,000.
June 2 ***He sourced a loan from the St. Mary Credit Union for $300,000. The funds were deposited to his NCB bank account.
June 3 ***He paid ORC Electronics $25,000 with a cheque to set up his point of sale machine.
June 3 He paid Mr. Carl Lewis $15,000 with a cheque to set up fixtures and fitting (shelves) to
display his produce.
June 3 ***He purchased an electronic scale from Advanced Digital Scales Ltd for $10,000 on credit with a commitment to pay on July 1, 2020.
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