L. Snider, a young accountant, started Snider Accounting Services on 1 September. During September, the following transactions of the business took place. Note: where appropriate, GST is included in the amount.

a On 1 September Snider invested \(\$ 7000\) to start the business.

b On l September the company paid \(\$ 3300\) for one year's rent of office space in advance.
c On 2 September office equipment was purchased at a cost of \(\$ 5500\). A down payment of \(\$ 1500\) was made and a \(\$ 4000\), one-year note was signed for the balance owed.
d On 5 September office supplies were purchased for \(\$ 660\) cash.
e On 18 September \(\$ 1100\) (including \$100 GST) was collected from clients for accounting services performed.
f On 28 September \(\$ 500\) wages were paid to an accounting assistant; \(\$ 100\) PAYG Tax was included.
g On 29 September Snider withdrew \(\$ 800\) for personal use.
\(\mathrm{h}\) On 30 September the company billed clients \(\$ 1320\) (including \(\$ 120\) GST) for accounting services performed during the second half of September.
i On 30 September the September electricity bill of \(\$ 110\) (including \$10 GST) was received; it will be paid in early October.
j On 30 September Snider recorded the following adjustments:
∎ Rent expense of \(\$ 250\)
∎ Depreciation of \(\$ 60\) on office equipment ∎ Interest expense of \(\$ 40\) on loan payable ∎ Office supplies used of \(\$ 50\).
Required:
i Using the accounting system shown in this chapter, record the above items.
ii Prove the equality of the accounting equation at the end of September.
iii Calculate the net income of the company for September.
iv Prepare a balance sheet for the company on 30 September.