The Swanlake Tax Services business was established on 1 March of the current year to help clients with their tax plannin

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The Swanlake Tax Services Business Was Established On 1 March Of The Current Year To Help Clients With Their Tax Plannin 1 (46.07 KiB) Viewed 41 times

The Swanlake Tax Services Business Was Established On 1 March Of The Current Year To Help Clients With Their Tax Plannin 2 (36.31 KiB) Viewed 41 times

The Swanlake Tax Services Business Was Established On 1 March Of The Current Year To Help Clients With Their Tax Plannin 3 (31.67 KiB) Viewed 41 times

The Swanlake Tax Services business was established on 1 March of the current year to help clients with their tax planning. During March, the business entered into the following transactions: Date 7/3 Transaction 2/3 Mr Swan set up the busines by investing $15 000 in the business's bank account 3/3 The business paid $6 000 in advance for one year's rent of office space Office equipment was purchased at a cost of $11000. A down payment of $2 000 was made, and a loan payable was signed 4/3 for the balance owed. The note is due in one year Office supplies were purchased for $1 700 cash 16/3 Fees of S5 000 were collected from clients for tax services provided during the first half of March 29/3 A salary of $2 000 was paid to the office secretary 30/3 Mr Swan withdrew $2 500 for personal use 31/3 The March electricity bill of $240 was received; it will be paid in early April 31/3 Clients were billed $6 000 for tax services performed during the second half of March 31/3 Swan recorded the following adjustments a. Rent expense for the month b. Depreciation of $90 on office equipment c. Interest expense of $110 on the loan payable d. Office supplies used (the office supplies on hand at the end of the month was $1 440) a) Using the following worksheet, prepare a worksheet to record the above transactions (ignore GST).
(N.B. The worksheet has been split into two parts due to page width limitations) Date Assets Office equipment Prepaid rent Office supplie Cash + Accounts receivable 5 2/3 3/3 4/3 7/3 16/3 29/3 30/3 31/3 31/3 31/3 31/3 31/3 31/3
Liabilities Expenses Date Owner's Capital Notes payable Office Revenue Tax service revenue Electricity payable . Salary expense Electricity expense Rent expense Depreciation expense Interest expense expense 2/3 3/3 43 7/3 16/3 29/3 30/3 31/3 31/3 31/3 31/3 31/3 31/3