Adam is a Graduate who was planning to start up his own business soon after his studies in Business Management. He achieved his goal by starting up Adam Enterprise on 01/07/2020 and completed the following transactions during the month. 01/07 Invested $25,000 in cash. 01/07 Employed a receptionist and agreed to pay $1,500 fortnightly. 03/07 Paid quarterly office building rent $3,300. 03/07 Paid for office computers $4,400. Computers are expected to remain in service for 5 years. 04/07 Purchased office furniture on credit $2,000. The furniture should last for 10 years. 05/07 Purchased supplies on credit, $1,000, terms 2/10, n/30. 08/07 Performed services for a client on credit $ 1,000. 11/07 Received an advance payment of $500 for a service to be performed. 12/07 Performed service for a client and received cash $2,000. 14/07 Paid for the supplies purchased on 05/07. 16/07 Sent an invoice for a client for services rendered $ 500. 17/07 Paid utility expenses $250. 18/07 Adam spent $ 500 for his birthday party which was funded by Adam Enterprise. 

Required: 

Prepare the following for 30/07/2020. 

(a) Journal entries

(b) Cash Ledger

(c) Statement of Financial Performance (Income Statement)

(d) Statement of Changes in Equity

(e) Statement Financial Position (Balance sheet)

Answer rating: 100% (QA)

c Statement of Financial P... View the full answer