North Shore Manufacturing Ltd had this balance sheet: 

During July 2019, North Shore Manufacturing experienced the following transactions: 

a. An amount of $8000 of accounts payable was paid. 

b. A customer paid one of the accounts receivable, $13 280. 

c. Additional inventory costing $8000 was purchased on credit. 

d. The company issued new shares for $50 000 cash. 

e. The proceeds of the share issue were used to reduce the long-term loan. 

f. More land costing $54 000 was purchased for $14 000 cash plus a new long-term loan for the rest. 

g. More equipment costing $33 900 was purchased on credit, with $13 900 due in two months and the remainder as a long-term loan.

Required:

1. Prepare journal entries for each transaction. 

2. Prepare a new balance sheet for the company as at 31 July 2019.

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Assets Current assets Cash Accounts receivable Inventories Noncurrent assets Land Plant and equipment Accum. depreciation BALANCE SHEET AS AT 30 JUNE 2019 $ 20 000 70 000 110 000 200 000 200 000 400 000 (100 000) 500 000 700 000 Liabilities and shareholders' equity Current liabilities Accounts payable Taxes payable Wages payable Noncurrent liabilities Long term loan Provision for employee entitlements Shareholders' equity Share capital Retained profits $ 80 000 20 000 10 000 110 000 200 000 100 000 300 000 200 000 90 000 290 000 700 000