Kate decided to open Kates Kupcakes on 1 July 202X. Kate will sell cupcakes in her store and also take custom orders. She contributed ingredients valued at $2,000, equipment valued at $10,000 and shopfittings valued at $6,000. She also deposited $12,000 into a business bank account. Kate plans to use her own vehicle to make deliveries and pick up supplies. Kate purchased the vehicle for $30,000 on 1 July 202X. The expected life of the car is 5 years with a residual value of $5,000. On 1 July Kate took out a $20,000 business loan with a fixed rate of interest of 12% p.a. Monthly repayments on the loan are $450 and are due on the 18th of every month.

Transactions during July were:

4 Took a five-year lease on a shop and paid the first 6 months of rent $9,000.

4 Mrs. Jones requested a quote for a custom order of 200 cupcakes.

4 Kate purchased a $300 printer on credit.

8 Kate contacted Mrs. Jones to inform her the custom order would cost $600.

9 Purchased office supplies for $400, paid $75 cash in part payment for these supplies.

11 Cash received for her first week is deposited, $2,550.

12 EFTPOS sales of $125

13 Paid petrol $40, postage $10, and electricity bill $424.

13 Paid the balance of the printer owing from 4th July.

14 Office supplies used $82.

15 Mrs. Jones paid a $50 deposit for her cupcakes to be collected on July 31st.

16 Engaged a part time assistant at an agreed wage of $250 per week.

17 Cash revenue received $825

18 Paid the balance of the office supplies purchased on July 9th.

21 Ingredients purchased for $85 on credit.

23 Paid weekly wages to the assistant.

24 The owner withdrew $400 for her own use.

25 Revenue earned of $932, receiving $132 in cash, $600 EFTPOs and the remainder to be paid later.

28 Phone expenses paid of $40.

30 Cash of $800 deposited.

31 Paid weekly wages to the assistant.

Complete a worksheet on Excel for the month of July using the above data and prepare an income statement and balance sheet at 31 July 202X (also on Excel and linked to the worksheet)