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.

  1. 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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