Question: How to do a balance sheet from this information. Ruby provides office plants for rent under the business name of Leafy Hobart . She opened
How to do a balance sheet from this information.
Ruby provides office plants for rent under the business name of Leafy Hobart. She opened her business 1 March 2022. She contributed a computer system valued at $3,000 and shopfittings of $1 000 and deposited $2,000 cash in a business bank account.
Transactions during March were:
Mar 4 Took a five-year lease on a nursery site and paid the first 6 months of rent - $3000.
4 Purchased office supplies for $260 and paid $100 cash in part payment for these supplies.
6 Cash received for plant rentals - $1350.
6 Invoiced a customer for plant rentals - $200.
7 Purchased gardening tools for $2 000, paying $400 cash with the balance to be paid later.
8 Cash revenue earned for plant rentals - $850.
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 $1200 received for plants rentals.
13 Earned $450 for plant rentals on credit.
14 Paid the balance owing for office supplies purchased on 4 March.
15 Ruby 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 assistant.
21 Revenue earned for plant rentals: cash $180, on credit $270.
23 Customer paid $650 of the plant rentals owing on credit.
24 Petrol expenses paid $35.
25 Paid weekly wages to the assistant.
28 Revenue earned for plant rentals - $490, receiving $100 in cash and the remainder to be paid later.
29 A customer paid $350 in advance for plant rent. The plants will not be delivered until next month.
- Office supplies remaining $105.
Required
Prepare a Balance Sheet for the month of March 2022. Details for depreciation are as follows (round to the nearest dollar):
| Item | Residual Value | Useful Life |
| Computer System
| $1,000 | 5 years |
| Shop fittings
| $400 | 8 years |
| Tools
| $500 | 5 years |
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