Problem:
If you start a business with $2,000 in the name of a proprierityship, the $2,000 is a loan of $1,200 and the rest is his money $800. he rented equipment bought supplies and hired people to help. at the end of the month he mailed out bills after 4 months he had to get rid of the business because of illness and he was to busy to keep records other than his bank records and a list owed by his customers his bank records has a balance of $1,380 his customers owes him $1,000, he has collected $8,500 his bankbook lists supplies for $800 and still has stamps, envelops and other supplies left for $100 he paid his help $3,800 and still owes them $400 for the last week he rented equipment and signed a 6 month lease on the computers and paid $1,200 for the full period and they will refund the unused part of the repayment of the equipment if in good condition to get the refund, he paid for repairs on one of the computers for $600 to get his employees to work he used a van he purchased at $600 he thinks the van has used up one-third of the service potential his bankbook shows a payment of $920 for cash withdrawals and he paid off his loan how to do a balance sheet and was this business a success for the 4 months and what were steps in the accounting cycle.