You are a trainee accountant working for a small firm of accountants. You have been asked to work on a new client, Joseph Anang. Joseph has recently opened a small shop through rented premises. Joseph has supplied you with the following transactions which took place during August 2007, his first month of trading. August 1 Joseph opens a business bank account with GHS 10,000 of his own money 2 GHS 20,000 bank loan is paid directly into his business bank account 3 Joseph pays by cheque for shop fittings and equipment costing GHS 17,500 4 GHS 2,000 rent paid by cheque 5 Inventory is purchased on credit from JPG supplies Ltd for GHS 5,000 6 Inventory is purchased by cheque from ADT Ltd for GHS 3,000 8 GHS 300 cash taken from business bank account and placed in the cash till 13 Cash banked GHS 500 15 GHS 100 cheque paid to local paper for placing an advert 17 GHS 1,500 cheque paid for insurance 19 Cash banked GHS 1,200 20 GHS 2,000 cheque paid to JPG supplies Ltd 27 Cash banked GHS 2,500 31 Cash in till was GHS 560. All sales in the month were for cash which