Question 1: Presented below are financial statement items for Vegas City (a sole trader) for the period ended 30 September 2015. Determine which items should appear in the income statement and which items should appear in the balance sheet.

a. Cash $99 000

b. Accounts receivable 11 000

c. Service revenue 26 400

d. Advertising expense 8 800

e. Accounts payable 6 600

g. Rent expense 2 420

h. Internet expense 660

i. Petrol expense 6 160

j. Insurance expense 880

k. Equipment 132 000