Hello, I made a balance sheet for the scenario and summary transaction, can I get some advice about the issue. I would like to get help to check if the answer is reasonable. thanks

1 2 3 4 5 6 8 Paid cash for jewellery making supplies purchased. The supplies cost of $1,750. Paid accrued expenses from previous year. Purchased lapidary supplies on credit for $840. These supplies are held for re-sale. A new credit card arrived. With a credit limit of $5,000, the credit card is to be used exclusively for the hobby business. Using the new credit card, premium cabbing equipment was purchased on 5 September 2019 for $3,950. This equipment was to be depreciated using the units of production method. Its useful life is expected to be around 5 years or 5000 hours with a residual value of $550. At 30 June 2020 the cabbing machine had been used for 600 hours. On 31 October 2019, $500 was paid in cash for a regular advertisement in the bi-monthly Lapidary magazine. The first advertisement would appear in the December edition and continue for 12 months. On 1 January 2020 paid the insurance premium. The insurance company offered a discount to pay a full year premium, so your friend decided to pay the $150 for a full year. Credit sales for the year totalled $4,000, while cash sales totalled $13,000. The lapidary supplies sold had cost $2,500. Gemstones that had been dug out of the ground, cleaned, cut and polished, accounted for the majority of the turnover. Wages totalling $ 700 were paid during the year. At the end of the year, $160 of wages for the last week of the year was owed to a cousin who had helped at the market stall. Paid cash to creditors for $2,500. Received an online order for an original design amethyst necklace. The customer paid the quoted price of $ 900 up-front when they placed the order on 28 May 2020. It was expected to take 6 weeks to complete the job. Received $2 800 from debtors and paid $2,000 off the credit card and repaid $3000 owing on the loan from the fellow club member. During the year paid $1 650 cash for vehicle running expenses and $710 for electricity to the shed. Jewellery supplies on hand at 30 June 2020 were $230. On 30 June 2020, applied for a 5-year prospecting and fossicking licence and paid the application fee of $32.40. The licence will permit fossicking activities outside of the declared fossicking areas that your friend had been limited to previously. 9 10 11 12 13 14 15 The following instructions are provided: Follow proper accrual principles and round all amounts to the nearest dollar. Use the relevant information below and the important information noted above, to calculate the opening balances on the accounts in the worksheet. Note that all figures given are for a full year and your friend withdraws amounts periodically from the petty cash tin to buy lunch while at the markets. They have estimated lunch normally costs about $20 per day. They attended the markets every Saturday for 6 months of the year from October to March inclusive. Include an opening balance in the prepayments column for $84 contents insurance on the shed that was paid on 28 May 2019 for the period 1 June to 1 December 2019. Includes an opening balance in the accrual column relating to wages of $130 owing to the son for working at the market stall in June 2020. Jewellery making supplies on hand at 1 July 2019 totalled $480; the equipment including a home-made tumbler, cutting saw, faceting machine and polisher was valued at $1,500. Your friend did not want to depreciate the lapidary equipment as the residual value was estimated to be the same as the current value. Lapidary supplies held for sale were valued at $1,690. There were no amounts owing to them at the start of the year, however they had an outstanding account payable with a supplier that amounted to $1,800. . lunch Jewellery faceting mac Lapidary sup account paya cabbing equi advertiseme Totalled Cash sales wages Cash paid insurnce -84 debt credit card Loan Electrical bill fossicking licence 480 1500 1690 1800 Data 28-May-19 1-Jul-19 5-Sep-19 31-Oct-19 1-Jan-20 -3950 -500 - 150 2500 4000 13000 -1300 -20 -20 -20 -20 -20 -20 -20 -20 -20 -20 -20 -20 -20 -20 -20 -2500 6-Aug-20 900 order on 28 May and received order after 6 we 2800 -2000 -3000 - 1650 -710 30-Jun-20 230 -32.4 -840 - 1750