Roz Taylor has graduated with a Master of Arts and Cultural Management. Now feeling more confident about operating a business she has decided to run her own consultancy firm. Her clients will include local government bodies and private clients.Her first month of transactions trading as RT Consulting are provided below.a) You are required to record the following transactions into the transaction analysis chart (template provided).?

July 20201 Invested $240,000 of her own funds into a business bank account.2 Purchased a small office in Doncaster for $420,000. Roz paid a 10% deposit and the balance was financed through a mortgage with Eastpac Bank.3 Roz purchased computer equipment for $12,000 cash.4 Roz contributed her own equipment valued at $9,500, to the business.Hired an office assistant on a casual basis.

5 Paid $3,600 for building and contents insurance for 12 months.Office stationery was purchased for $500 on 30 day credit terms.Office furniture was purchased for $4,000 cash6 Roz acquired a motor vehicle for $35,000 on 120 days credit terms.No payments are required until September 2020.12 Roz invoiced her first client, Manningham City Council, $3,400 for two day?s consulting.16 Invoiced clients $3,500 for consulting services performed.17 Received full payment from Manningham City Council.18 Paid wages to the office assistant totaling $1,400, $300 of which was deducted for PAYG tax which will be remitted to the Australian Taxation Office at a later date.

25 Invoiced clients for $4,800 for consultation services.28 Paid a mortgage repayment of $2,800, of which $1,200 is interest and $1,600 is principal.Roz withdrew $2,000 for personal use.Additional information:? Admin expenses owing at balance date are $450? Motor vehicle and equipment are depreciated at 20% per annum straight line.? Computer equipment is depreciated at 30% per annum reducing balance.? Office Furniture is depreciated at 10% per annum straight line.? Assume a full month for depreciation and no residual value.? All the office stationery remained unused at balance day.? Round to nearest dollar.? Ignore GST and income tax.b). Prepare the classified Income Statement and Balance Sheet for the month ending 31 July 2020 for RT Consulting

Transcribed Image Text:

Assets Transaction Analysis Chart Liabilities Owner's equity Assets Transaction Analysis Chart Liabilities Owner's equity

Answer rating: 100% (QA)

Prepare journal entry with accounting equation as follows Date Account Titles Debit Credit Assets Li... View the full answer