Sandra began a sole trade business on 1 January 20X1. During the first month of trading, the following transactions took place: She started the business with $5,000 of cash. She took out a loan from the bank of $10,000. She purchased a van for $12,000 cash. She purchased 100 units of inventory on credit at a total cost of $2,500 (i.e. $25 per unit) She sold 10 units of inventory to a customer on credit for a total of $400 (i.e. $40 per unit) She paid interest on the loan of $60. She repaid $250 of the loan. She took $10 from the business bank account to cover a personal expense.

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