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