How to answer this homework. This is an accounting homework.

Teenage StyleBag - 10 Column Worksheet Account Unadjusted T/B DR CR Cash At Bank Account Receivable Motor Vehicle Interest Revenue Prepaid Rent Prepaid Insurance Acc. Depn. - Motor Vehicle Account Payable Bank Loan (due 2022) Accrued Interest Expense Bad and Doubtful Debts Expense Accrued Staff Wages Capital Drawings Staff Wages Exp Allowance for Doubtful Debts Motor Vehicle Exp Interest Exp Sundry Exp Rent Expense Insurance Exp Depreciation Exp Advertising Exp Hair Styling Equipment Hair Styling Supplies Acc. Depn. - Hair Styling Equipment Hair Styling Revenue Income Tax Expense Manicure Revenue Facial Services Revenue Hair Styling Supplies Exp Books and Magazine Exp Subtotal Profit (Loss) Total Subject: Assignment #: Student Name: Student ID: Tutorial: AC5903 Adjustments DR CR - 10 Column Worksheet Adjusted T/B DR CR Income Statement DR CR Balance Sheet DR CR Teenage StyleBag - Income Statement $ $ Teenage StyleBag - Balance Sheet $ $ Department of Accounting ACF5903 - Assignment # 159 Semester 2 2016 Name: YU, XIHAO (27385043) Email: [email protected] Proprietor: Ms. Nicole Coffeur Name: Teenage StyleBag Description: Hair and Beauty Salon The business has the following opening balances: Hair Styling Supplies $703 Additional Information: Closing stock of hair styling supplies on 30/6 ($) 471 Hair Styling Equipment $17,238 Hair styling equipment scrap value ($) Bank Loan (due 2016) $25,611 Hair styling equipment useful life (years) 3 Rent paid for (months) 5 3 Account Payable $9,230 Motor Vehicle $33,840 Insurance paid for (months) Account Receivable $17,096 Motor vehicle scrap value ($) Cash At Bank $16,147 3,745 2,565 Motor vehicle useful life (years) Bank loan interest rates (% per year) 3 11 Transactions: Date Description Amount Date Description Amount 1-Jun Payment to Account Payable $1,013 1-Jun Paid General Insurance $2,126 3-Jun Rent of Business Premises $3,476 3-Jun Manicure services - Cash $1,146 4-Jun Manicure services - Account $1,274 4-Jun Motor Vehicle Expenses 4-Jun Hair styling fees - Account $1,915 5-Jun Facial services fees - Cash 5-Jun Cash Withdrawals by Owner $420 6-Jun Payment to Account Payable $1,103 8-Jun Cash Withdrawals by Owner $440 $253 $1,736 6-Jun Purchase hair styling supplies - account $490 7-Jun Advertising Expense - Cash $415 8-Jun Staff Wages $1,151 13-Jun Sundry Expenses $276 15-Jun Staff Wages $1,151 16-Jun Hair styling fees - Cash $1,394 16-Jun Receive Payment from Account Customers $1,680 16-Jun Facial services fees - Cash $1,434 18-Jun Hair styling fees - Cash $1,259 19-Jun Manicure services - Cash $1,062 19-Jun Purchase books and magazines $83 19-Jun Advertising Expense - Account $574 19-Jun Purchase hair styling supplies - account 19-Jun Sundry Expenses $125 21-Jun Hair styling fees - Account $1,757 $364 21-Jun Facial services fees - Cash $1,591 22-Jun Receive Payment from Account Customers $1,850 22-Jun Staff Wages $1,151 23-Jun Additional cash contributed by owner $3,054 23-Jun Manicure services - Account $1,149 26-Jun Purchase books and magazines 27-Jun Advertising Expense - Account $652 28-Jun Advertising Expense - Cash 29-Jun Motor Vehicle Expenses $177 29-Jun Staff Wages $54 $464 $1,151 Comments: This business was purchased on 1 June 2016. You are required to prepare a general journal entry to incorporate the opening balances into the current period, including the balancing capital figure. You will need to refer to the Additional Information section for your adjusting entries. The rent and insurance period start on 1 June. Show three types of revenue, namely hair styling services, manicure services and facial services. 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 assets and liabilities divided into current and non-current. Staff work a 7-day week and are paid on the 8th day. Assume all prepayments are initially recognized as an asset. The terms of the loan have been re-negotiated so that it becomes due in 2019, not 2016