Ella decided to open Cygnet Jewellery on 1 August 2021. At first, she will just provide a repair service and then move into jewellery production. She contributed equipment valued at $12,000 and shopfittings of $4 000 and deposited $15,000 cash in a business bank account.

Transactions during August were:

Aug 4 4 Purchased office supplies for $260 and paid $100 cash in part payment for these

Took a five-year lease on a shop and paid the first 6 months of rent $6 000.

supplies. 6 Cash received for minor repair work completed, $350.

6. 6 Completed repair works for a customer and issued an invoice for $200.

7. 7 Purchased tools for $1 600, paying $400 cash with the balance to be paid later.

8. 8 Cash revenue earned for repair work, $230.

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

12. 12 Paid petrol $50, postage $10, and electricity bill $230.

13. 13 Cash of $200 received for repair work.

13. 13 Earned of $450 for repairs on credit.

14. 14 Paid the balance owing for office supplies purchased on 4 August.

15. 15 The owner withdrew $100 for her own use.

16. 16 Office supplies purchased for $250 on credit.

17. 17 Cash revenue received $365.

18. 18 Paid weekly wages to the upholsterer.

21 Revenue earned for repairs: cash $80, on credit $170.

23. 23 Customer paid $650 of work previously performed on credit.

24. 24 Petrol expenses paid $50.

25. 25 Paid weekly wages to the assistant.

28. 28 Revenue earned for repair work $390, receiving $100 in cash and the remainder

    to be paid later.

29. 29 A customer paid $350 in advance for repairs to be performed next month.

31 Office supplies remaining $200.

Required

Complete a worksheet in Excel for the month of August using the above data and then on another worksheet, prepare an Income statement and Balance Sheet for the month of August 2021 (these two Excel worksheets must be linked). Details for depreciation are as follows (round to the nearest dollar):

item	residual value	useful life
equipment	$2000	5 years
shop fittings	$500	8 years
tools	$200	5 years