Date (June)	Description	Amount in dollars
1	Gym fees-cash	1,329
1	Squash fees-cash	1,995
2	Paid general insurance	2,751
3	Sunday expenses	155
3	Motor vehicle expenses	184
4	Rent of business premises	3,181
5	Receive payment from account customers	1,162
5	Gym fees-cash	1,555
5	Payment to account payable	1,134
8	Staff wages	1,203
9	Purchase stationery supplies	470
10	Squash fees-cash	1,172
12	Purchase stationery supplies	445
12	Advertising expenses-account	531
14	Purchase stationery supplies	434
14	Cash withdrawals by owner	406
15	Staff wages	1,203
15	Receive payment from account customers	1,228
17	Gym fees-account	1,016
17	Squash fees-cash	2,160
18	Squash fees-account	1,293
18	Sundry expenses	137
18	Sundry expenses	231
19	Payment to account payable	1,294
19	Equipment hiring expenses-account	551
20	Gym fees-account	1,190
20	Advertising expenses-account	779
21	Cash withdrawals by owner	469
22	Equipment hiring expenses	482
22	Squash fees-cash	2,102
22	Gym fees-cash	1,228
22	Staff wages	1,203
23	Additional cash contributed by owner	3,555
23	Motor vehicle expenses	246
24	Equipment hiring expense-cash	315
24	Membership fees-cash	2,036
28	Advertising expenses-cash	489
28	Membership fees-cash	2,577
29	Equipment hiring expense-cash	466
29	Advertising expense-cash	479
29	Staff wages	203

The business has the following opening balances:

Descriptions	Amounts in dollars
Cash at bank	10,799
Account receivable	16,841
Motor vehicle	33,403
Account payable	7,412
Bank loan (due 2020)	27,462
Gym equipment	24,197
Stationery supplies	493

Additional information: (end of period adjustment)

Bank loan interest rates (% per year)	11
Motor vehicle useful life (years)	6
Motor vehicle scrap value ($)	2503
Insurance paid for (months)	5
Rent paid for (months)	5
Gym equipment useful life (years)	4
Gym equipment scrap value ($)	5090
Closing stock of stationery supplies on 30/6 ($)	517

Comments:

This business was purchased on 1 June. You are required to prepare a general journal entry to incorporate the opening balances into the current period, including the balancing capital.

You will need to refer to the additional information section for your balance day adjustments

The rent and insurance period start on 1 June.

Show three types of revenue, namely gym fees, squash fees and membership fees. All revenues received were for the month of June.

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 balance sheet should show asset and liability divided into current and non-current

Staff works a 7-day week and are paid on the 8^th day.

Prepare ledger account as needed

Required:

Complete a 10-column worksheet for your business

Complete an Income Statement for your business

Complete a Balance Sheet for your business

Check that you have done the following before submitting your assignment.

You have treated the rent and insurance before adjustments as prepaid assets (i.e., assets rather than as expenses).

Your adjustments (e.g., depreciation) are for one month only and not for the whole year.

You have included two days of accrued wages as an adjustment.

All individual amounts in the Income Statement and Balance Sheet exactly match their corresponding amounts in the worksheet (e.g., net income).

All amounts in the worksheet, Income Statement and Balance Sheet are rounded to the nearest dollar.

You have not included $ signs in your worksheet.

The worksheet fits on one page.