Ian Levinson is setting up his own business as a gentleman’s barber. He has some of his own money and is going to borrow as well in order to get the business running. He wants you to construct a receipts and payments account for October 2020 based on the following data:

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1 Oct 5 Oct 8 Oct 11 Oct 12 Oct 14 Oct 20 Oct 22 Oct 26 Oct Started business with 5,000 of own money. Paid 1,500 for rent on property for two months. Borrowed 2,000 from bank in the form of a loan. Paid 650 for equipment to be used. Paid 100 for advert in local newspaper. Paid 200 for leaflet drop in local area. Paid 400 for business insurance. Took 980 out of business for personal living costs. Paid decorator for business sign (405).