Trans Phone Repairs began operations on 1 December 2024 and completed the following transactions during the first month.

1. Jeremy Tran deposited \($15\)  000 of his personal funds in a current account at a bank opened in the name of the business.

2. Phone repair equipment was purchased at a cost of \($2\)  000, all of which was paid in cash.

3. Jeremy collected \($2000\) from customers for repair services performed.

4. Shop rent was paid for the month of August, \($1500\).

5. Jeremy purchased \($800\) of iPhone and iPad accessories.

6. Wages of \($500\) were paid as well as an account for electricity, \($250\).

7. Jeremy paid for the accessories purchased in (5) above.

Required

(a) Prepare a schedule similar to that shown for Cynthia’s Beauty Services for transactions 8, 9 and 10 earlier in this chapter. List the following assets, liabilities and equity as column headings: Cash at bank; Accessories; Equipment; Accounts payable; J. Tran, capital.

(b) Show the effects of each of the transactions on the accounts listed. Indicate totals after each transaction and complete the schedule as shown earlier in this chapter, for Cynthia’s Beauty Services for transactions 8, 9 and 10.

(c) Prepare a statement of financial performance and a statement of changes in equity for the month ended 31 December 2024, and a statement of financial position as at 31 December 2024.