The Bayview Variety Store has been in operations for a number of years. The following is the Balance Sheet of Bayview as at December 31st: Bayview Variety Store Balance Sheet As at December 31, 2013 Assets Cash $500 Inventory 17,000 Owed by customers (receivable) 2,000 Rent deposit 2,500 Store Equipment $10,000 TOTAL ASSETS $32,000 Liabilities Owed to suppliers (payable) $15,000 Owed for utilities 1,000 Total Liabilities $16,000 Owners Equity 16,000 TOTAL LIABILITIES + EQUITY $32,000 The following are transactions for the month of January 2014. Record the transactions using the accounting equation, and create the Income Statement, Statement of Retained Earnings and Balance Sheet for the month.
a) Collected $1,500 owed by customers
b) Sold goods for $25,000 cash, the goods had a cost of $10,000
c) Bought goods from suppliers and paid $5,000 cash for them
d) Bought goods from suppliers on credit for $4,000
e) Paid suppliers $10,000 of the money owed to them
f) Paid staff wages of $1,000
g) Discovered a customer who owed $500 had run away and will probably not pay bill
h) Paid $2,500 for rent for January
i) Paid $1,000 for utilities. Januarys estimated utility usage was $500.