Thilie commenced a small business called Thilie's Spices Shop on the 1stJanuary 2017. After 6 months of operation, she tried to compile the shop's account balances for the financial year ending 30thJune 2017 and came up the following: (Ignore GST).

Cash $21,500 Inventory $20,000 Mortgage payable 45,000 Equipment 101,500 Accounts Payable 25,000 Accounts receivable 1 1,500 Thilie's Capital 15tjan 71,000 2017 Key Operating performance during the 6 months was: Sales Revenues 40,000 Operating Expenses 8,500 Cost of goods sold 18,000 Thilie's accountant, has helped and advised her that those balances are not complete yet for the preparation of the shop's financial statements. He presented her with the following additional ndings that have to be incorporated into those balances: 1. On the 30thjune, Thilie withdrew $4,000 from the business. 2. Depreciation on equipment for the period is $1,500. 3. The utility bills for the month usually arrives in the next month and are paid on receipt. The utility expenses for June are estimated to be $1,000