Turning Point is a firm that sells exercise machine. Its owner, Tracy Nicole has decided to adopt a double entry recording system. At 1 July 2015, the firm's assets and liabilities were as follows:

a. Calculate Tracey's capital as at 1 July 2015. (5 points)

b. Write down the double entries for the 14 above transactions. (10 points)

c. Show how the double entries would appear in T accounts and balance off all accounts. (10 points)

d. Prepare a trial balance for the period (Including Opening balance, Adjustment, Closing Balance) (10 points)

e. Prepare the Financial Statement (Statement of Financial Position + Statement of Profit or Loss) (15 points)

Milkil 2182 B/s 22:16 57% Final Assignment_Accounting - Chi doc O . . . Chi Doc - Ban khong the luu thay doi va... V Part 1: Exercise (50 points) Turning Point is a firm that sells exercise machine. Its owner, Tracy Nicole has decided to adopt a double entry recording system. At 1 July 2015, the firm's assets and liabilities were as follows: Account Amoun Bank 1,200 Inventory 52,000 Trade Receivables 2,00 Office Equipment 10,90 Premises 190,000 Trade Payables 7,500 Loan - JH Finance (in 5 years) 85,00 The firm's transaction for July 2015 showed the following: No Date Transactions 1. 1 July Cash sale to R. Donnegan 2. 3 July Paid for electricity 3. 6 July Credit sales to Lowdown Gym 4 7 July Purchased stock on credit from Havilland Machines 5. 9 July Paid wages 6. 11 July Credit sales to St Martin's Hospital 7. 14 July Received cash from Walkers' World for goods sold in June 2015 8. 17 July Paid cash to Havilland Machines 9 19 July Made monthly interest on loan 10 20 July Tracey took cash to pay for her washing machine 11 23 July Paid wages 12. 25 July Cash sale to J. Notts 13. 27 July Received cash from Lowdown Gym 14. 31 July Paid in advance for six months' advertising, which will begin in August 2015 O