Business selling keep fit equipment, trading under the name of Buy Your Biceps Shop. He put $7,000 of his own money into a business bank account and in his first period of trading, the following transactions occurred. (Transaction in $) Purchased fit equipment (inventories) on credit 5,000
Raised loan from bank 1,000
Purchase of shop fittings (for cash) 2,000
Payments for trade payable 5,000
Payments from trade receivable 2,500