A friend who owns a small entity trading as Jobs Galore knows that you are studying accounting, and has asked if you would prepare the entity’s classified balance sheet in narrative format as at 30 June. The friend has provided you with the following list of assets and liabilities (the equity figure has not been provided) to perform this task.

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Cash Motor vehicles Equipment Monies owed by customers Monies owed to suppliers Loan due to be paid in two years Wages owed to employees Rent paid in advance $4260 23 800 13 090 3220 5 600 17 960 1 100 510