Background and details: Jasmine is in her first year at university undertaking an education degree. She needed to earn income to support her living expenses so recently decided to commence a sole proprietorship business as a global politics tutor. She chose global politics because she performed well in VCE global politics and remembers helping her classmates when they had trouble with certain topics. Jasmine does not have her driver$$s licence yet, so was limited in how far she could offer to travel to tutor her students. She planned to initially focus on her former high school which is in her local suburb. Jasmine had no prior experience studying accounting, but had done some internet searches and was fairly confident she could do the record keeping herself.

Details related to the commencement of $$Jasmine$$s Tutoring Service$$ business on $1$ April $2024$ are:

Assets contributed Cash $$2,600$

Laptop $$900($estimated current value$)$

Mobile phone $$300($estimated current value$)$

Textbooks $$200$

A description of transactions for the month of April $2024,$ including details about how she treated the items, are:

$2$ April Jasmine paid $$150$ cash to advertise in her local school newsletter, advertising that would last for the next three months. She recorded this as an expense.

$3$ April Jasmine purchased stationery from Office$-$worx for $$89$ cash, recording it as an asset.

$3$ April Jasmine loaded $$100$ on to a MYKI card ready to commute to students$$ homes. She recorded it as an expense.

$7$ April Jasmine provided tutoring to a student for $$50$ cash.

$11$ April Jasmine provided tutoring to a group of three students and collected $$120$ cash in total.

$12$ April Jasmine purchased more stationery for $$60$ cash, recording it as an asset.

$14$ April Jasmine conducted a tutoring session via Zoom and charged a reduced rate of $$40$ which she received immediately through bank transfer.

$15$ April Jasmine purchased a motor vehicle to drive to students$$ homes as she was close to obtaining her drivers licence. The car cost $$6,500$ which she paid for by organising a bank loan the previous day.

$17$ April Jasmine became unwell so asked a close friend to take her scheduled tutoring sessions to avoid disappointing the students. She paid her friend $$90$ cash for taking three sessions after receiving $$150$ cash in tutoring fees.

$20$ April Jasmine paid $$44$ cash for an advertisement at another school nearby. The advertisement would be published in the last week of April and she recorded it as an expense.

$24$ April Jasmine earned tutoring fees of $$120$ from the group of three students she had met before, though they did not have cash and promised to pay her within the next week.

$26$ April The parents of one of the students that Jasmine tutors paid her $$500$ in advance for ten tutoring sessions, which Jasmine recorded as income. Only one of the sessions was conducted the same day.

$29$ April A mobile phone$/$internet bill arrived for the month of April totalling $$70.$ Jasmine intends to pay it on the due date $(20$ May$).$

$29$ April Jasmine took $$200$ from the business bank account for personal use.

$30$ April Jasmine provided two separate tutoring sessions and received $$100$ cash.

$30$ April The three students who owed Jasmine money from $24$ April settled what they owed via bank transfer.