P Barrack commenced business on 1 September 2022 with bank $2000, inventory $1000, motor vehicle $8000 and premises $35000. You are required to process this transaction and the ones on page 60 in the accounting equation format. (This solution is used in question 3.7.)

a 3 September: Inventory was purchased and paid electronically by P Barrack for $1012.

b 4 September: P Barrack’s bank granted a mortgage of $15 000 over the premises.

c 6 September: Machinery $8250 was purchased on credit by P Barrack from A Vince, an account payable.
d 7 September: P Barrack purchased inventory on credit from V Alan (an account payable) for $1320.
e 10 September: Machinery was purchased by P Barrack for $2530 with debit card.
f 13 September: Payment was made by P Barrack to the account payable, A Vince $8250.