MacPherson started business as a sole trader on 1 July 20X0. He immediately paid £60,000 from his private bank account into a new business bank account. Further transactions during July were as follows.
Purchased furniture on credit from MacDuff for
Bought goods for resale on credit from Harris for
Sold goods on credit to McDougall, which cost £2,500, for
Paid sundry expenses
Sold goods for cash, which cost £2,000, for
Received payment from McDougall
Paid wages to staff
Analyze the above transactions in terms of the required debit and credit entries.