The Costello Tax Services Business was established on 1 March of the current year to help clients with their tax planning. During January, the business entered into the following transactions.

Required:
a Record the above transactions in the appropriate accounts.
b Prepare a trial balance.
c Prepare a classified income statement for the business for March.
d Prepare a balance sheet for the business on 31 March.
e Briefly comment on how well the business did during March.

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Date 2 Mar. 3 4 7 Transactions Mr Swan set up the business by investing $10 000 in the business' cheque account. The business paid $5280 including GST in advance for one year's rent of office space. Office equipment was purchased at a cost of $13 200 including GST. A down payment of $2200 was made, and a $11 000 note payable was signed for the balance owed. The note is due in one year. Office supplies were purchased for $1760 cash including GST.