Question: I have question, I finished my work however I find my answer is not fully completed because there is different number in the answer with
Peter Parker commenced business as an architect on 1st March, 2014 under the name of Parker Designs. The following transactions occurred during March: March 1 2 Peter deposited $140,000 into a business bank account. Purchased a small office building for $660,000 (including GST), paying a deposit of 10% in cash and obtaining a loan from waco Bank for the balance. 5 Paid $3,300 (including GST) for 3 months hire of computer equipment. 10 Bought office supplies on credit costing $660 (including GST) 12 Withdrew $750 for a holiday to Queensland. 14 Performed design services for customers on credit totalling $6,600 18 25 28 31 (including GST) Received cash from credit customers, $2,400. Contributed a personally owned vehicle to the business valued at $18,000. Paid $10,000 off an amount owing to Waco Bank. At the end of the month $300 of office supplies had been used up. Required: (a) Analyse and record each transaction in the transaction analysis table provided. (b) Determine the cash position and GST paid at the end of March. (c) Prepare an income statement for Parker Designs for the first month of trading. (d) Prepare fully classified Statement of Financial Position for Parker Designs as at the 31st March, 2014
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