North Shore Manufacturing Ltd had this balance sheet:

During July 2016, 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 mortgage loan.
f. More land costing $54 000 was purchased for $14 000 cash plus a new long-term mortgage for the rest, 

g. More equipment costing $33 900 was purchased on credit, with $13 900 due in two months.

Required:
1. Prepare journal entries for each transaction.
2. Prepare a new balance sheet for the company as at 31 July 2016.

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Assets BALANCE SHEET AS AT 30 JUNE 2016 $ Liabilities and shareholders' equity $ 17 Current assets Current liabilities Cash 20000 Accounts payable 80000 Accounts receivable 70000 Taxes payable 20000 Inventories, cost 110000 Wages payable 200000 10000 110000 Noncurrent assets Noncurrent liabilities Land, cost 200000 Mortgage, loan 200.000 Plant and equipment 400000 Provision for employee entitlements 100000 600000 300000 Accum. depreciation (100000) Shareholders' equity Share capital 700000 Retained profits 200 000 90000 290000 700.000