Charlie has a catering business, which mainly supplies wedding customers in Launceston. It is named Charlie Brown. He opened his business on 1 March 2023. He contributed kitchen equipment valued at $3,000, a van valued at $5,000, a knife set worth $1,000 and deposited $15,000 cash in a business bank account.

Transactions during March were:

Mar 4 Took a five-year lease on a commercial kitchen and paid the first 6 months of rent $12,000.

4 Purchased office supplies for $500 and paid $200 cash in part payment for these supplies.

6 Purchased food and beverage supplies $2,000.

7 Received cash for catering $4,000, using the food and beverage supplies purchased on March 6.

8 Purchased food and beverage supplies $600.

9 Invoiced a customer for catering $1,200.

11 Engaged a part time assistant at an agreed wage of $350 per week.

12 Paid petrol $150, postage $20, and electricity bill $250.

13 Cash of $1200 received for catering performed on 9 March.

15 Charlie withdrew $600 for his own use.

16 Purchased food and beverage supplies $1,000.

17 Catering performed and invoiced $2,000, with all supplies purchased on 16 March used.

18 Paid weekly wages to the assistant.

21 Customer paid for catering owing 17 March.

24 Petrol expenses paid $150.

25 Paid weekly wages to the assistant.

28 A customer paid a deposit of $350 in advance for catering. The catering will not be done until next month.

Office supplies remaining $115.

Required

Complete a worksheet in Excel for the month of March using the above data and then on another worksheet, prepare an Income Statement and Balance Sheet for the month of March 2023 (these two Excel worksheets must be linked). Details for depreciation are as follows (round to the nearest dollar):

Item	Residual Value	Useful Life
Kitchen equipment	$1,000	5 years
Van	$2,000	6 years
Knife set	$500	5 years