Case 2. (30 points)

In April 2020, Jock MacNoodle opened the MacNoodle Italian Restaurant in Glasgow.

Identified below are the restaurants financial transactions in its first month of business:

1. Jock MacNoodle deposited 10,000 in a newly opened business bank account to start the business

2. Paid 400 cash for non-perishable food items to build up an inventory of food.

3. Purchased a photocopier costing 1,000. 10% of the purchase price was paid in cash and a loan was taken to cover the balance.

4. Purchased 500 of wine stock on credit.

5. Banked the 350 received for cash sales made in first week.

6. Paid 450 rent for April.

7. Paid a kitchen assistant and waiter wages of 100.

8. Paid 300 as part settlement of the wine merchants account.

1. It was noted that half of the stock of wine purchased on 5th of April had been sold.

10. Banked 460 received from cash sales.

11. Paid a kitchen assistant and waiter wages of 280.

12. It was noted that 60 of food inventory had been used.30

13. It was noted that credit sales made in the first month of business were 340.

1. Based on the information above, prepare a record of the transactions occurred. (10 points)

2. Prepare the balance sheet as of the 30^th of April 2020. (10 points)

3. Prepare the income statement for the month of April. (10 points)