Question 1 March 1 ) Leanne contributed $60,000 of her own funds into a business bank account 2) Leanne rented a smal

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Question 1
March
1 ) Leanne contributed $60,000 of her own funds
into a business bank account
2) Leanne rented a small office shop in Ballart. She paid
three-months’ rent
in advance totalling $6,000.
3) Office furniture was purchased for $3,000
cash.
3 ) Paid $2,400 for insurance for 12 months.
4 ) Computer equipment was purchased for $10,000
cash.
4) A three-month subscription for access to
international professional
journals was purchased for $2,400 cash.
5) Leanne contributed a motor vehicle to the
business valued at $20,000.
6) Leanne invoiced her first client, ABC
Ltd, $3,300 for two days’ work at
local gallery in Melbourne.
7 ) Office stationery was purchased for $800 on
30-day credit terms.
15) Leanne invoiced AAA Ltd and BBB Ltd
$4,400 for the consulting service
performed at local galleries.
16) Hired an assistant, Lisa, on a casual
contract basis.
17) Received a full payment from her first
client, ABC Ltd.
18) Leanne invoiced clients $7,700 for work
performed for various local and
regional galleries.
18) Paid a part payment of $200 for the
office stationery was purchased in
March 7.
20 ) Leanne withdrew $1,500 for her personal
use.
20) Paid $1,200 wages to her assistant.
22) Received $2,200 from credit clients, AAA
Ltd and BBB Ltd.
24) Paid telephone and internet bill for
March of $270.
25) The City of Ballart, was impressed by
Leanne’s reputation, has agreed to
pay her service in the future at a rate of $1,900 per day.
27 ) Leanne invoiced corporate clients $8,800 for
work performed.
30) Paid $1,800 wages to her assistant.
31 ) Leanne withdrew $2,200 from the business for
following purposes: $200
was for one-off payment for professional membership joining fees
to
Australian Galleries Association, and the $2,000 was for her
personal
Easter trip to Europe.
Additional Information:
• As at 31 March, $500 of office stationery has been
consumed.
• Utilities owning at balance date are $275.
• Motor vehicle is depreciated at 20% per annum using the
straight-line method.
• Computer Equipment is depreciated at 30% per annum using the
straight-line
method.
• Office furniture is depreciated at 10% per annum using the
straight-line method.
• Round up to the nearest dollar.
• Ignore GST and income tax.
Required
You are required to record the following transactions including
Additional
Information
Prepare the Income statement (Statement of financial
performance) for the
month of March 2022 for Park Professionals.