Tran’s Clothing Alterations began operations on 1 August 2024 and completed the following transactions during the first month.

1. Tran deposited \($18\) 000 of her personal funds in a current account at a bank opened in the name of the business.

2. Sewing equipment was purchased at a cost of \($9000,\) of which \($5000\) was paid in cash. A loan payable was given for the remainder of \($4000\).

3. Tran collected \($1500\) from customers for alteration services performed.

4. Rent was paid for the month of August, \($1200\).

5. Sewing supplies amounting to \($700\) were purchased on credit.

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

7. Tran paid for the sewing supplies purchased in (5) above.

8. Supplies used during August amounted to \($300\).

Required

(a) Prepare a schedule. List the following assets, liabilities and equity as column headings: Cash at bank; Supplies; Equipment; Loan payable; Accounts payable; Tran, capital.

(b) Illustrate the effects of each of the transactions on the accounts listed. Indicate totals after each transaction and complete the schedule.

(c) Prepare a statement of financial performance, a statement of cash flows and a statement of changes in equity for the month ended 31 August 2024.

(d) Prepare a statement of financial position as at 31 August 2023.