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Can anyone do the income statement and balance sheet for these transactions Proprietor: Mr. Isell Holmes Name: Realtor 21 Description: Real Estate Agent The business
Can anyone do the income statement and balance sheet for these transactions
Proprietor: Mr. Isell Holmes Name: Realtor 21 Description: Real Estate Agent The business has the following opening balances: Cash At Bank Account Receivable Motor Vehicle Account Payable Bank Loan (due 2022) Furniture Promotional Material Supplies Capital $18,643 $19,631 $30,005 $9,439 $28,994 $25,989 9 4 3,041 Additional Information: Bank loan interest rates (% per year) Motor vehicle useful life (years) Motor vehicle scrap value ($) Insurance paid for months) Rent paid for (months) Furniture useful life (years) Furniture scrap value ($) Closing stock of promotional materials 30/6 ($) Staff work a 14 day fortnight and are paid on the 15th day. 3 2 $591 0 846 ? Transactions: Date Description 1-Jun Advertising placement fees - Cash 1-Jun Paid General Insurance 3-Jun Auction commission - Account 5-Jun Auction commission - Cash 9-Jun Auction commission - Cash 14-Jun Payment to Account Payable 15-Jun Advertising Expense - Account 15-Jun Staff Wages 18-Jun Cash Withdrawals by Owner 22-Jun Rental commission - Cash 23-Jun Purchase promotional materials 26-Jun Advertising placement fees - Account 27-Jun Payment to Account Payable 29-Jun Staff Wages Amount $1,002 $2,535 $1,080 $1,813 $1,700 $611 $1,079 $2,766 $1,054 $1,967 $815 $1,188 $1,139 $2,766 Date Description 1-Jun Rental commission - Account 2-Jun Receive Payment from Account Customers 3-Jun Rent of Business Premises 8-Jun Advertising Expense - Cash 14-Jun Advertising placement fees - Account 14-Jun Motor Vehicle Expenses 15-Jun Rental commission - Account 18-Jun Advertising placement fees - Cash 18-Jun Auction commission - Account 22-Jun Sundry Expenses 25-Jun Rental commission - Cash 27-Jun Additional cash contributed by owner 28-Jun Receive Payment from Account Customers Amount $1,329 $1,317 $3,320 $958 $1,097 $487 $1,231 $1,034 $1,205 $304 $1,645 $3,012 $1,146 Comments: - Assume that this assignment involves an existing business that was purchased by the new owner on 1 June 2019. Note the list of transactions is in date order, left to right, line by line. - Use three separate ledger accounts for revenue, namely rental commission, auction commission and advertisement placement fees. All revenues relate to the month of June. Transactions involve cash unless specified as 'Account'. Record payments for rent and insurance in prepaid accounts initially. - Information relevant to complete adjusting entries can be found in the top right section of this page. - The periods to which the rent and insurance apply commence on 1 June. Round your calculations to the nearest dollarStep by Step Solution
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