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Sonya Gomez recently started her own cabinet repair business. Transactions for the first month of operations (March 2019) are as follows.
1) Sonya invested $14,200 cash in the business.2) Paid two months of rent for $1,000 in advance.3) Purchased store equipment worth $3,900 with cash.4) Incurred business registration expenses, paid with $750 cash.5) Paid travel expenses with $1,270 cash.6) Received $2,750 cash from customers for cabinet repair services performed during the month.7) Provided cabinet repair services worth $1,570 on account.8) Paid $1,260 to an assistant.9) Borrowed $1,940 cash from the bank.10) Received $730 in bills for utilities to be paid next month.11) Sonya withdrew $580 cash for personal purposes.12) Received $590 owing from a customer for service provided earlier this month.
Problem 1: Prepare a balance sheet for the above transactions.
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