The following transactions took place in the books of Peter Shank, a sole trader, during the month of June 2022:
Jun – 1 Started business with $20,000 in a bank account
Jun – 3 Bought Plant and Equipment costing $16,000. Peter paid $4,000 towards the asset and issued a note payable for the balance
Jun – 5 Paid $1,000 to the note payable
Jun – 7 Received a 10% Loan note from RBTT G’da Ltd of $15,000 Jun – 9 Purchased a set of furniture costing $4,500
Jun – 11 Peter took $1,000 out of the bank for his own use Jun – 13 Bought some investment costing $3,000
Jun – 15 Peter transferred a parcel of Land worth $25,000 that he had inherited from his Grand Mother to the business for future development
Jun – 17 Bought some Inventory costing $10,000
Jun – 19 Peter took $10,000 out of the bank account to purchase a vehicle for business use
