Quality Auto Detailing is your own business. You clean and touch up your customers' cars. You work from a rented garage and your customers bring their cars to you, and pick them up. You use your own cell phone to take reservations with customers. March 1 You set up a bank account and acquire a business credit card. The bank will charge you a fee of $20 at the end of each month. March 2 You borrow $3,000 from the bank. March 3 You deposit $4,000 of your own money into the business bank account. March 4 You rent a garage for the next six months for $500 per month, paying the full amount now. March 5 You register your business name for $60 with Service Ontario, using the business credit card. March 6 You purchase with your business credit card supplies (i.e. wax, touch-up paint) for $400 plus HST. March 7 You purchase with your business credit card $2,000 worth of power tools from Home Depot. HST is included. March 8 You buy a one-year liability insurance policy for $2,400, plus 8% tax, paying cash. March 10 You purchase for $300 cash, plus HST, 150 colour flyers to advertise your business. You haven't used any yet. March 11 You pay a student $80 cash to distribute 100 of your flyers. March 12 You detailed one car for a customer for free, to see if he liked it and would recommend you to his friends. You would normally have charged him $100. March 15 Two more customers hire you to detail their cars. You will charge them each $300, and they each give you a deposit of $100. March 27 Business is booming! You have so far collected $2,200 in cash from happy car owners. March 28 You now have only $150 worth of supplies left. March 31 One month's rent on your garage has expired. March 31 You received your cell phone bill for the month. Of the $88, three-quarters (i.e. 75%) was business calls. You will pay it next month. March 31 One month of your insurance policy has expired. March 31 The bank takes its monthly charge from your account, plus an additional $10 for interest on your loan. March 31 You deliver the beautiful car back to one of the March 15 customers. He will pay you his balance next week. March 31 You pay half of the balance owing on your business credit card. You will pay the rest next week. QAD Total liabilities at the end of March ? QAD Total service revenue for March ? How much will QAD prepaid Insurance balance be at the Dec 31 year end?