Answer Part 3(B) Please

3. Accounting transactions: Amy Earhart Designs: 14 marks Amy Earhart set up her own design agency "Amy Earhart Designs" creating custom and on trend T-shirts. During her first month of business in March 2019 Amy had several transactions which are summarised in the worksheet on PAGE 4 of the ANSWER BOOKLET. Amy would like to know if she has made a profit during her first month of trading. There are five accounting transactions missing in the worksheet. Required (a) Record the following five missing accounting transactions into the worksheet on page 4 of the ANSWER BOOKLET and then enter in totals for each column. (0) Sold 150 T-shirts on credit for $5,700 during the month of March, and the cost of sales for the 150 T-shirts are $1,500. The cash is expected to be received in April 2019. mark) Rent expense for the month of March. (1 mark) Amy owed $300 for electricity in March. This will be paid in April. (ii) (iii) (1 mark) (iv) Depreciation for the computer Amy bought at 1 March. She intends to use the computer for two years before replacing it. She anticipates that the residual value will be nil and she would like to use the straight line method of depreciation. (2 marks) A customer paid $400 deposit for 40 T-shits to be delivered in April. (1 mark) (v) (b) Using the information in the Worksheet, prepare the following for Amy Earhart Designs using the templates on pages 5 and 6 of the ANSWER BOOKLET. (i) Income Statement for the month of March 2019. (3 marks) Balance Sheet as at 31 March 2019. You are not required to classify the items into current or non-current. (ii) ASSETS = Details of transaction Cash Accounts receivable Prepaid rent Inventory Computer Accoun Paid money into business account from personal account (1 March) 20,000 Bought a new computer (1 march) (1,920) 1,920 Purchased 500 T- shirts on credit (1 March) 5,000 Paid store rent in advance for march, april, and may (1 March) (2,100) 2,100 Paid wages in cash for march (31 march) (700) Sub totals 15,280 2,100 5,000 1,920 0 5,700 (1,500) (ii) (700) (iii) (iv) (80) (v) 400 Totals 15,680 5,700 1,400 3,500 1,840 LIABILITIES + EQUITY Revenue received in advance Inventory Computer Accounts payable Capital Revenue Expenses 20,000 1,920 5,000 5,000 (700) 5,000 1,920 5,000 20,000 (700) (1,500) 5,700 (1,500) ) (700) 300 (300) (80) (80) 400 3,500 1,840 5,300 400 20,000 5,700 (3,280) 3. Accounting transactions: Amy Earhart Designs: 14 marks Amy Earhart set up her own design agency "Amy Earhart Designs" creating custom and on trend T-shirts. During her first month of business in March 2019 Amy had several transactions which are summarised in the worksheet on PAGE 4 of the ANSWER BOOKLET. Amy would like to know if she has made a profit during her first month of trading. There are five accounting transactions missing in the worksheet. Required (a) Record the following five missing accounting transactions into the worksheet on page 4 of the ANSWER BOOKLET and then enter in totals for each column. (0) Sold 150 T-shirts on credit for $5,700 during the month of March, and the cost of sales for the 150 T-shirts are $1,500. The cash is expected to be received in April 2019. mark) Rent expense for the month of March. (1 mark) Amy owed $300 for electricity in March. This will be paid in April. (ii) (iii) (1 mark) (iv) Depreciation for the computer Amy bought at 1 March. She intends to use the computer for two years before replacing it. She anticipates that the residual value will be nil and she would like to use the straight line method of depreciation. (2 marks) A customer paid $400 deposit for 40 T-shits to be delivered in April. (1 mark) (v) (b) Using the information in the Worksheet, prepare the following for Amy Earhart Designs using the templates on pages 5 and 6 of the ANSWER BOOKLET. (i) Income Statement for the month of March 2019. (3 marks) Balance Sheet as at 31 March 2019. You are not required to classify the items into current or non-current. (ii) (b)(ii) (4 marks Amy Earhart Designs Balance Sheet as at 31 March 2019 Assets Total Assets Liabilities Equity Total Liabilities and Equity