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Jamie started a home and commercial cleaning service business on $1$ July $2023.$operations and completed four transactions in July that resulted in the following accounts. All the accounts have normal balances.

Account Balance before Adjustments

Bank: $$20,600$

Accounts receivable: $1,000$

Prepaid rent: $2,000$

Rental deposit: $1,000$

Cleaning equipment: $8,400$

Accounts payable: $1,000$

Jamie, Capital: $28,400$

Service Revenue: $5,000$

Supplies: $1,400$

Additional information for Adjustments

$-$The prepaid rent paid is for July and August.

$-$Depreciation of the cleaning equipment for the month is $$120.$

$-$An inventory count of the supplies on $31$ July $2023$ showed that $$750$ was still available.

$-$The firm received a telephone bill of $$180.$ Arrangement has been made to pay the bill on $6$ August $2023$ via inter$-$bank transfer.

$-$The salary payable in July $2024$ is $$1,200,$ which will be paid on $5$ August $2023$

Questions:

a$)$ Explain the $4$ most likely transactions in July $2023$ based on the account balances before adjustment

b$)$ Identify the types of accounts affected $($assets$,$ liabilities, equity, revenue or expense$)$ and indicate the increase or decrease in amount when James Wee made adjustments at the end of July. List separately if more than one of the same types of account is affected.

c$)$ Calculate profits using accrual accounting and cash basis accounting and show the workings, respectively. Explain the difference in profits.

d$)$ Assume the accrual accounting is used, compute total assets after adjustment and provide the workings.

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