Prepare a Income Statement and Balance Sheet From
following transactions
Prepare A Income Statement And Balance Sheet From Following Transactions 1 (46.04 KiB) Viewed 24 times
Prepare A Income Statement And Balance Sheet From Following Transactions 2 (5.93 KiB) Viewed 24 times
Ruby provides office plants for rent under the business name of Leafy Hobart. She opened her business 1 March 2022. She contributed a computer system valued at $3,000 and shopfittings of $1 000 and deposited $2,000 cash in a business bank account. Transactions during March were: Mar 4 Took a five-year lease on a nursery site and paid the first 6 months of rent - $3000. 4 Purchased office supplies for $260 and paid $100 cash in part payment for these supplies. 6 Cash received for plant rentals - $1350. 6 Invoiced a customer for plant rentals - $200. Purchased gardening tools for $2 000, paying $400 cash with the balance to be paid later. 8 Cash revenue earned for plant rentals - $850. 11 Engaged a part time assistant at an agreed wage of $350 per week. 12 Paid petrol $50, postage $10, and electricity bill $230. 13 Cash of $1200 received for plants rentals. 13 Earned $450 for plant rentals on credit. 14 Paid the balance owing for office supplies purchased on 4 March. Ruby withdrew $100 for her own use. 15 16 Office supplies purchased for $250 on credit. 17 Cash revenue received $365. 18 Paid weekly wages to the assistant. 21 Revenue earned for plant rentals: cash $180, on credit $270. 23 Customer paid $650 of the plant rentals owing on credit. 24 Petrol expenses paid $35. 25 Paid weekly wages to the assistant. 28 Revenue earned for plant rentals - $490, receiving $100 in cash and the remainder to be paid later. 29 A customer paid $350 in advance for plant rent. The plants will not be delivered until next month. 31 Office supplies remaining $105.
Item Computer System Shop fittings Tools Residual Value $1,000 $400 $500 Useful Life 5 years 8 years 5 years
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