The five transactions that occurred during June, the first month of operations for Brown's Gym, were recorded as follows (excluding GST implications):

Required:
a Describe the five transactions that took place during June.
b Prepare a balance sheet on 30 June.

Transcribed Image Text:

Trans a b C e Balances Date 01/6 05/6 07/6 17/6 26/6 30/6 Gym Cash + Supplies + Land +$24 000 -8 000 -270 - 4 000 Assets $11730 + +$270 +480 $750 + +$5 000 $5 000 + Gym Accts Loans + Building + Equipment + Payable + Payable + +$23 000 $23 000 + +$10 000 = $10 000 Liabilities = $480 $480 + +$20 000 +6 000 $26 000 + Owner's Equity Tom Brown, Capital +$24 000 $24 000