4.27 Preparing a worksheet The closing balance sheet items are given below for Jason Woodstock in accounting equation form as at 30 June 2018. Transactions for the following month of July are also given. Assets Liabilities + Equity Cash at bank + Accounts receivable = Accounts payable + Capital $39 400 + $2 800 $1 200 + $41 000 Transactions for July 2018 were as follows: 3 4 5 7 July 2 Received $2800 from accounts receivable. Paid $1000 of accounts payable. Paid rent for July $700. Sent invoice to customer $5600. Purchased office equipment for cash $2000. 9 Recorded cash sales $800. 10 Recorded credit sales $1500. 14 Purchased office supplies for cash $330. 23 Cash sales $2000. 31 Drawings by Jason Woodstock $800. Required: Prepare worksheet entries for the business transactions for the month ended 31 July 2018. a. Cash Capital Accounts receivable Income Date July 2018 Expenses Office Equip Accounts payable June 30 July 2 3 4 5 7 9 10 14 23 31 Total b. Prove the Accounting Equation is in balance following completion of the worksheet above Total Assets $ = Liabilities $ + Equity $ 4.28 Preparing statement of profit or loss and balance sheets Using the information in 4.27, prepare: a statement of profit or loss for the period ending 31 July 2018 b. a balance sheet as at 31 July 2018. a. a. JASON WOODSTOCK Statement of profit or loss (Income Statement) (insert dateline) b. JASON WOODSTOCK Balance sheet (insert dateline) Total liabilities + Owner's equity