The company began operations as a retailer on January 14, 2020. It buys and sells one type of boutique small form factor (SFF) computer case and operates from a leased warehouse in the outer suburbs of Melbourne. It has one supplier and one customer. The company is registered for GST. Relevant information

1. The company has the following opening balances at the 1 March in the current year:

Cash at Bank $26,185

Accounts receivable $5,237

Inventory $52,400

Prepaid rent $20,142

Motor vehicle $14,547

Accumulated depreciation motor vehicle $727

Accounts payable $6,546

Bank loan owing (due in 20 months). $39,278

Oce furniture $17,457

Accumulated depreciation office furniture $698

Oce supplies $873

Share capital $89,592

2. Transactions for the month of March in the current year (all dollar amounts include GST where applicable)

04 MarchSold inventory on credit (units) 37

06 MarchPurchased inventory paying cash (units) 44

09 MarchReceived payment from accounts receivable $3,491

10 MarchReceived advertising invoice (due in 30 days) $793

12 MarchSold inventory for cash (units) 135

13 MarchPaid wages to employees 2,182

16 MarchPurchased computer equipment paying cash $2,380

20 MarchPaid the outstanding accounts payable amount

27 MarchPaid wages to employees $2,182

30 MarchSold inventory on credit (units) 103

3. Additional information

Selling price per case (GST inclusive) $330

Cost per unit (GST inclusive) $220

All asset purchases and expenses (except wages and interest) include GST

4. Balance day adjustment for March 2020

Interest on bank loan is at 3% pa. Interest is paid every two months with the last payment made on February 29, 2020.

Business consumed 20% of opening prepaid rent balance.

Employees owed wages between the last wages payment and the last day of the month (including March 31).

Employees do not work weekends. Half of the office supplies were consumed by the end of the month.