You are provided with the following financial information for Morgan Freeman, the owner of a business selling computers. The business prepares reports at the end of every month so one period for the business is one month.

June 1 The owner invested $200,000 cash into the business to start the business.

June 1 The business purchased some Store Shelving for $30,000. The business paid a $5,000 cash deposit and paid for the remainder by going to the bank and getting a loan for the rest of the amount needed to buy the Shop Shelving (Shelving is used in a shop to put the computers on for customers to see so they can buy them).

June 2 The business purchased computers (which he will sell in the shop) for $20,600 cash. (Assume the computers will all be sold by the end of June).

June 3 The business paid $2,500 cash for rent for the month of June for the business. The business will pay rent every month until he can find a shop to purchase.

June 8 The business purchased office supplies for $750 and will not pay for the supplies until later in June. The supplies will be enough to use for 12 months so they can be used in the future to help earn the business money.

June 14 Sales of computers for the first half of the month were $22,100 to customers who will pay for the computers in July. The business also had cash sales for the first half of the month a total of $19,300.

June 20 The business paid the full amount owing for the supplies purchased on the 8^th of June.

June 25 The owner took out $3,000 cash from the business for personal reasons.

June 28 The business purchased more computers for $20,100 but will not pay the $20,100 until July. (Assume all of the computers purchased on the 28^th of June will be sold in July none of them will be sold in June).

June 28 The business paid the advertising for June. The total cash paid was $1,200.

June 29 The business paid wages for the month of June using $12,500 cash.

June 30 Sales of computers for the second half of the month were $17,500 on credit so the customers will pay in July and sales of $16,700 for cash so the customers paid in June.

June 30 The business received $5,870 cash from customers who owed money from the sales made on credit on the 14^th of June.

Required:(b) Complete the summary of the balances which is on page 6 of this document. Make sure to complete both columns. I have given you the answer to the first account (cash) you need to show the balance as well. You must identify what each account is asset, liability, equity, income or expenses.

Summary of accounts As at 30^th June

Account	Type of Account	Final Balance at 30th June
		$
Cash	Asset
Store Shelving	Asset	30,000
Medical Supplies
Accounts Receivables
Loan Payable
Accounts Payable (for the computers)
Sales Income
Rent Expense
Computer Expense
Advertising Expense
Wages Expense
Capital
Drawings