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Journal Entries
Opened a business bank account with £10,000
Bought a small shop premises for £15,000, also taking out a £10,000 loan at the same time
Bought 2000 magic wands for £2 each
Sold 1000 wands for £4 each
Bought 1000 wands on credit for £3 each to Paul Daniels
Sold 1000 wands on credit to David Blaine for £4,500
Purchased a car for his son out of the business bank account costing £3,000
