Anna decided to open Cygnet Jewellery on 1 August 2021. At first, she will just provide a repair service and then move into jewelry production. She contributed equipment valued at $12,000 and shop fittings of $4 000 and deposited $15,000 cash in a business bank account.

Transactions during August were:

Aug 4 Took a five-year lease on a shop and paid the first 6 months of rent $6 000.

4 Purchased office supplies for $260 and paid $100 cash in part payment for these supplies.

6 Cash received for minor repair work completed, $350.

10. 6. Completed repair works for a customer and issued an invoice for $200.
    7. Purchased tools for $1 600, paying $400 cash with the balance to be paid later.
    8. Cash revenue earned for repair work, $230.
11. Engaged a part time assistant at an agreed wage of $350 per week.
12. Paid petrol $50, postage $10, and electricity bill $230.
13. Cash of $200 received for repair work.

13. Earned of $450 for repairs on credit.
14. Paid the balance owing for office supplies purchased on 4 August.
15. The owner withdrew $100 for her own use.
16. Office supplies purchased for $250 on credit.
17. Cash revenue received $365.
18. Paid weekly wages to the upholsterer.

21 Revenue earned for repairs: cash $80, on credit $170.

23. Customer paid $650 of work previously performed on credit.
24. Petrol expenses paid $50.
25. Paid weekly wages to the assistant.
26. Revenue earned for repair work $390, receiving $100 in cash and the remainder to be paid later.
27. A customer paid $350 in advance for repair’s to be performed next month.
28. Revenue earned for repair work $390, receiving $100 in cash and the remainder to be paid later.
29. A customer paid $350 in advance for repairs to be performed next month.
30. A customer paid $350 in advance for repairs to be performed next month.

31. Office supplies remaining $200.

    Complete a worksheet in Excel for the month of August using the above data and then on another worksheet, prepare an Income statement and Balance Sheet for the month of August 2021 (these two Excel worksheets must be linked).

Answer rating: 100% (QA)

shop fittings tools 400000 160000 asset account prepaid equipment ... View the full answer