Reference no: EM132776114

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.