Enter the following transactions for the month of March 2014 in a worksheet and calculate the profit or loss for the period. Explain how the worksheet assists in the calculation of profit or loss.
2014
March3 Injected capital to commence business $100 000.
4 Purchased office stationery $800.
7 Received cash fees $1200.
8 Took out a loan from Williams Bank $9000.
8 Paid rent $900.
10 Purchased office suite of furniture on credit $21 000.
12 Invoiced a customer for services $1100.
17 Paid wages to executive assistant $490.
27 Invoiced a customer for services $1100.