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Create a Balance sheet and Income statement for the following information. Key: Proprietor: 0230 Ms. Uneeda Kutt Date Description 1-Jun Facial services fees- Cash 2-Jun
Create a Balance sheet and Income statement for the following information.
Key: Proprietor: 0230 Ms. Uneeda Kutt Date Description 1-Jun Facial services fees- Cash 2-Jun Facial services fees-Cash 2-Jun Paid General Insurance 3-Jun Facial services fees-Cash 3-Jun Manicure services-Account 4-Jun Rent of Business Premises 5-Jun Cash Withdrawals by Owner 7-Jun Manicure services- Cash 8-Jun Staff Wages 8-Jun Cash Withdrawals by Owner 10-Jun Hair styling fees- Cash 12-Jun Hair styling fees - Account 12-Jun Manicure services-Cash 13-Jun Purchase hair styling supplies-account 15-Jun Motor Vehicle Expenses 15-Jun Staff Wages 17-Jun Manicure services - Account 18-Jun Purchase hair styling supplies - account 19-Jun Hair styling fees - Cash 21-Jun Payment to Account Payable 21-Jun Advertising Expense- Account 21-Jun Receive Payment from Account Customers 22-Jun Sundry Expenses 22-Jun Payment to Account Payable 22-Jun Staff Wages 24-Jun Advertising Expense -Cash 25-Jun Purchase books and magazines 27-Jun Hair styling fees - Account 27-Jun Additional cash contributed by owner 27-Jun Sundry Expenses 27-Jun Advertising Expense- Cash 28-Jun Motor Vehicle Expenses 29-Jun Staff Wages 29-Jun Receive Payment from Account Customers 29-Jun Hair styling fees-Accourt 29-Jun Advertising Expense - Account 30-Jun Purchase books and magazines $1,376 Description: Hair and Beauty Salon The business has the following opening balances: Cash At Bank Account Receivable Motor Vehicle Account Payable Bank Loan (due 2010) Hair Styling Equipment Hair Styling Supplies $1,663 $18,358 $37,564 $522 $23,424 $16,873 $798 $502 S1,254 $1,835 $370 Additional Information: Bank loan interest rates %per year) Motor vehicle useful life (years) Motor vehicle scrap value (S) Insurance paid for (months) Rent paid for (months) pre Pai Hair styling equipment useful life (years) Hair styling equipment scrap value ($) Closing stock of hair styling supplies on 30/6 (S) $1,247 $1,347 $488 orth 4 $825 4257 S1,074 $970 $1,247 $45I Coniitent: This business was purchased on 1 June. You are required to prepare a general journal entry to incorporate the opening balances into the current $1 $4,774 period, including the balancing Capital. - You will need to refer to the Additional Information section for your Balance Day Adjustments S108 $401 - The rent and insurance period start on I June. $1,846 $1,910 - Show three types of revenue, namely hair styling services, manicure services and facial services. All revenues received were for the month of June. $52 - Unless otherwise indicated, all transactions are on a cash basis. Use one general Account Receivable for all debtors and one general Account Payable for all creditors. Your B/S should show asset and liability divided into current and non-current. Staff work a 7-day week and are paid on the 8th day Key: Proprietor: 0230 Ms. Uneeda Kutt Date Description 1-Jun Facial services fees- Cash 2-Jun Facial services fees-Cash 2-Jun Paid General Insurance 3-Jun Facial services fees-Cash 3-Jun Manicure services-Account 4-Jun Rent of Business Premises 5-Jun Cash Withdrawals by Owner 7-Jun Manicure services- Cash 8-Jun Staff Wages 8-Jun Cash Withdrawals by Owner 10-Jun Hair styling fees- Cash 12-Jun Hair styling fees - Account 12-Jun Manicure services-Cash 13-Jun Purchase hair styling supplies-account 15-Jun Motor Vehicle Expenses 15-Jun Staff Wages 17-Jun Manicure services - Account 18-Jun Purchase hair styling supplies - account 19-Jun Hair styling fees - Cash 21-Jun Payment to Account Payable 21-Jun Advertising Expense- Account 21-Jun Receive Payment from Account Customers 22-Jun Sundry Expenses 22-Jun Payment to Account Payable 22-Jun Staff Wages 24-Jun Advertising Expense -Cash 25-Jun Purchase books and magazines 27-Jun Hair styling fees - Account 27-Jun Additional cash contributed by owner 27-Jun Sundry Expenses 27-Jun Advertising Expense- Cash 28-Jun Motor Vehicle Expenses 29-Jun Staff Wages 29-Jun Receive Payment from Account Customers 29-Jun Hair styling fees-Accourt 29-Jun Advertising Expense - Account 30-Jun Purchase books and magazines $1,376 Description: Hair and Beauty Salon The business has the following opening balances: Cash At Bank Account Receivable Motor Vehicle Account Payable Bank Loan (due 2010) Hair Styling Equipment Hair Styling Supplies $1,663 $18,358 $37,564 $522 $23,424 $16,873 $798 $502 S1,254 $1,835 $370 Additional Information: Bank loan interest rates %per year) Motor vehicle useful life (years) Motor vehicle scrap value (S) Insurance paid for (months) Rent paid for (months) pre Pai Hair styling equipment useful life (years) Hair styling equipment scrap value ($) Closing stock of hair styling supplies on 30/6 (S) $1,247 $1,347 $488 orth 4 $825 4257 S1,074 $970 $1,247 $45I Coniitent: This business was purchased on 1 June. You are required to prepare a general journal entry to incorporate the opening balances into the current $1 $4,774 period, including the balancing Capital. - You will need to refer to the Additional Information section for your Balance Day Adjustments S108 $401 - The rent and insurance period start on I June. $1,846 $1,910 - Show three types of revenue, namely hair styling services, manicure services and facial services. All revenues received were for the month of June. $52 - Unless otherwise indicated, all transactions are on a cash basis. Use one general Account Receivable for all debtors and one general Account Payable for all creditors. Your B/S should show asset and liability divided into current and non-current. Staff work a 7-day week and are paid on the 8th dayStep by Step Solution
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