How do you prepare a 10-column worksheet, income statement and a balance sheet for this?
Proprietor: Ms. Nicole Coffeur Name: Teenage Style Bag Description: Hair and Beauty Salon 10 4 2,101 The business has the following opening balances: Cash At Bank Account Receivable Motor Vehicle Account Payable Bank Loan (due 2022) Hair Styling Equipment Hair Styling Supplies Capital $15,753 $20.650 $39,016 $9.286 $24,527 $18.419 $719 ? Additional Information: Bank loan interest rates (% per year) Motor vehicle useful life (years) Motor vehicle scrap value ($) Insurance paid for months) Rent paid for months) Hair styling equipment useful life (years) Hair styling equipment scrap value ($) Closing stock of hair styling supplies on 30/6 ($) Staff work a 14 day fortnight and are paid on the 15th day. 3,624 422 Transactions: Date Description 1-Jun Paid General Insurance 3-Jun Motor Vehicle Expenses 4-Jun Receive Payment from Account Customers 6-Jun Hair styling fees - Account 8-Jun Manicure services - Account 9-Jun Sundry Expenses 10-Jun Hair styling fees - Cash 12-Jun Purchase hair styling supplies - account 14-Jun Receive Payment from Account Customers 15-Jun Cash Withdrawals by Owner 17-Jun Facial services fees - Cash 19-Jun Payment to Account Payable 22-Jun Manicure services - Account 29-Jun Staff Wages Amount $2.806 $551 $1,331 $1,959 $1,241 $324 $1,266 $920 $1.060 $845 $1,395 $1,217 $1,130 $2.417 Date Description 2-Jun Facial services fees - Cash 3-Jun Rent of Business Premises 6-Jun Hair styling fees - Cash 7-Jun Advertising Expense - Cash 8-Jun Purchase books and magazines 10-Jun Facial services fees - Cash 11-Jun Payment to Account Payable 12-Jun Advertising Expense - Account 15-Jun Staff Wages 17-Jun Manicure services - Cash 19-Jun Manicure services - Cash 20-Jun Hair styling fees - Account 24-Jun Additional cash contributed by owner Amount $1,678 $3,972 $1,448 $933 $100 $1,645 $1,457 $1,263 $2,417 $825 $906 $1,536 $4.518 Comments: Assume that this assignment involves an existing business that was purchased by the new owner on 1 June 2019. - Note the list of transactions is in date order, left to right, line by line. - Use three separate ledger accounts for revenue, namely hair styling services, manicure services and facial services. All revenues relate to the month of June. - Transactions involve cash unless specified as 'Account - Record payments for rent and insurance in prepaid accounts initially. - Information relevant to complete adjusting entries can be found in the top right section of this page. - The periods to which the rent and insurance apply commence on 1 June. - Round your calculations to the nearest dollar. Proprietor: Ms. Nicole Coffeur Name: Teenage Style Bag Description: Hair and Beauty Salon 10 4 2,101 The business has the following opening balances: Cash At Bank Account Receivable Motor Vehicle Account Payable Bank Loan (due 2022) Hair Styling Equipment Hair Styling Supplies Capital $15,753 $20.650 $39,016 $9.286 $24,527 $18.419 $719 ? Additional Information: Bank loan interest rates (% per year) Motor vehicle useful life (years) Motor vehicle scrap value ($) Insurance paid for months) Rent paid for months) Hair styling equipment useful life (years) Hair styling equipment scrap value ($) Closing stock of hair styling supplies on 30/6 ($) Staff work a 14 day fortnight and are paid on the 15th day. 3,624 422 Transactions: Date Description 1-Jun Paid General Insurance 3-Jun Motor Vehicle Expenses 4-Jun Receive Payment from Account Customers 6-Jun Hair styling fees - Account 8-Jun Manicure services - Account 9-Jun Sundry Expenses 10-Jun Hair styling fees - Cash 12-Jun Purchase hair styling supplies - account 14-Jun Receive Payment from Account Customers 15-Jun Cash Withdrawals by Owner 17-Jun Facial services fees - Cash 19-Jun Payment to Account Payable 22-Jun Manicure services - Account 29-Jun Staff Wages Amount $2.806 $551 $1,331 $1,959 $1,241 $324 $1,266 $920 $1.060 $845 $1,395 $1,217 $1,130 $2.417 Date Description 2-Jun Facial services fees - Cash 3-Jun Rent of Business Premises 6-Jun Hair styling fees - Cash 7-Jun Advertising Expense - Cash 8-Jun Purchase books and magazines 10-Jun Facial services fees - Cash 11-Jun Payment to Account Payable 12-Jun Advertising Expense - Account 15-Jun Staff Wages 17-Jun Manicure services - Cash 19-Jun Manicure services - Cash 20-Jun Hair styling fees - Account 24-Jun Additional cash contributed by owner Amount $1,678 $3,972 $1,448 $933 $100 $1,645 $1,457 $1,263 $2,417 $825 $906 $1,536 $4.518 Comments: Assume that this assignment involves an existing business that was purchased by the new owner on 1 June 2019. - Note the list of transactions is in date order, left to right, line by line. - Use three separate ledger accounts for revenue, namely hair styling services, manicure services and facial services. All revenues relate to the month of June. - Transactions involve cash unless specified as 'Account - Record payments for rent and insurance in prepaid accounts initially. - Information relevant to complete adjusting entries can be found in the top right section of this page. - The periods to which the rent and insurance apply commence on 1 June. - Round your calculations to the nearest dollar
