Wanna Be Rich Trading, owned by Richie Richer, sells casual wear for both men and women. The business began operations on January 1, 2022. To commence trading, Richie Richer had the assets and liabilities: During the month of January 2022 , the following transactions occurred: Jan 1 Rented premises for $50,000 per month. Wanna Be Rich Trading paid $150,000forthefirstquartertoMarch31,2022by cheque. Jan 2 Purchased inventory work $80,000 on credit from Already Rich Ltd. Jan 2 Sold a quarter of the inventory for $40,000 cash, funds lodged immediately Jan 7 Paid cheque to Already Rich Ltd for half the goods purchased on Jan. 2. Jan 8 Paid insurance for Jan $7,500 by cheque