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 Completed repair works for a customer and issued an invoice for $200 7 Purchased tools for $1 600, paying $400 cash with the balance to be paid later 8 Cash revenue earned for repair work, $230 11 Engaged a part time assistant at an agreed wage of $350 per week 12 Paid petrol $50, postage $10, and electricity bill $230 13 Cash of $200 received for repair work 13 Earned of $450 for repairs on credit 14 Paid the balance owing for office supplies purchased on 4 August 15 The owner withdrew $100 for her own use 16 Office supplies purchased for $250 on credit 17 Cash revenue received $365 18 Paid weekly wages to the upholsterer 21 Revenue earned for repairs cash $80, on credit $170 23 Customer paid $650 of work previously performed on credit 24 Petrol expenses paid $50 25 Paid weekly wages to the assistant 28 Revenue earned for repair work $390, receiving $100 in cash and the remainder to be paid later 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

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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.

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 Completed repair works for a customer and issued an invoice for $200.
7 Purchased tools for $1 600, paying $400 cash with the balance to be paid later.
8 Cash revenue earned for repair work, $230.

11 Engaged a part time assistant at an agreed wage of $350 per week.
12 Paid petrol $50, postage $10, and electricity bill $230.
13 Cash of $200 received for repair work.

13 Earned of $450 for repairs on credit.
14 Paid the balance owing for office supplies purchased on 4 August.
15 The owner withdrew $100 for her own use.
16 Office supplies purchased for $250 on credit.
17 Cash revenue received $365.
18 Paid weekly wages to the upholsterer.

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

23 Customer paid $650 of work previously performed on credit.
24 Petrol expenses paid $50.
25 Paid weekly wages to the assistant.

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

to be paid later.
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):