QUESTION 2 continued... (3) Given the list of transactions below, complete the Business Activity Statement for Mug Lover. Use the excerpt of the Business Activity Statement provided. (2 marks = 4 minutes) Between Jan and March 2019, Mug Lover has recorded the following details. . Sales $63,250 . Purchased equipment $6,600 . Purchased inventory $6,996 . Fresh fruits purchased for staff consumption $572 . Paid utilities $990 . Paid bank interest $876 . Paid wages $13,200 . PAYG Withheld $3,206 The above transactions include GST where appropriate. Required: Complete the Business Activity Statement for Mug Lover using the information given above. Record your answers in Business Activity Statement (extract) provided. Summary Amounts you owe the ATO Amounts the ATO owes you GST on sales or GST installment 1A $ .DX GST on purchases 1B $|DQ Do not complete 18 if using GST instalment amount (Option 3) PAYG tax withheld 4 PAYG income tax installment 5A S Credit from PAYG income tax 5B $ instalment variation Deferred company/fund 7 S installment 1A + 4+54 +7 BA S .Da 18 + 58 8B S Payment or refund? then write the result of 8A minus 8B at 9. This amount is Your payment or refund amount Is 8A more than 8B? Yes, payable to the ATO (indicate with X) then write the result of 8B minus 8A at 9. This amount is 9 No. refundable to you for offset against any other tax debt you have) () Do not use symbols such as +, -, /, $ (4) What is a trial balance and what are its purposes? (2 marks = 4 minutes)