Using the data from the trial balance in problem 4.31, prepare an income statement for the period ending 31 May 2015 and a balance sheet as at 31 May 2015.
In problem 4.31
The following transactions were taken from the records of Trevor Freer, an interior designer, for the month ending 31 May 2015.
May 1 Commenced business with cash at bank of $120 000.
2 Invoiced client for work completed $1900.
3 Purchased second-hand vehicle for business $10 000 cash.
5 Received cash payment for services rendered $620.
7 Paid casual wages $700.
8 Paid rent $900.
9 Sent an invoice to a client $1560.
10 Paid electricity $120.
11 Received an invoice from newsagent for stationery $123.
15 Paid rent $900.
16 Paid casual wages $750.
17 Paid gas $106.
18 Received fees for services $680.
19 Received fees for services $1600.
21 Sent an invoice to client $187.
23 Paid rent $900
22 Paid invoice received 11 May.
27 Received account from tradesperson $391 for painting of office.
28 Paid phone bill $200.
29 Sent invoice to client $870.
31 Received inheritance and contributed a further $10 000 into business.