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This assessment has four questions, please help me answer questions 2 Adrian Kay has recently graduated with a Bachelor of Commerce from Federation University and

This assessment has four questions, please help me answer questions 2

Adrian Kay has recently graduated with a Bachelor of Commerce from Federation University and has decided to set up his own business, Adrian Professionals, as a consultant to RSVP in Melbourne and Regional Victoria. Adrian has provided the transactions for the month of trading in June 2022.

Required:

1.You are required to record the following transactions including Additional Information into the transaction analysis chart (the template is provided) for the month of June. (55 marks) (I already have the answer to this question, don't do this again)

image text in transcribed

image text in transcribed

*****Additional Information:

As at 30 June, $500 of office supplies has been consumed.

Utilities owning at balance date are $680.

Office equipment is depreciated at 10% per annum using the straight-line method.

Motor vehicle is depreciated at 20% per annum using the straight-line method.

Computer is depreciated at 30% per annum using the straight-line method.

Ignore GST and income tax.

2.Prepare the Income statement (Statement of financial performance) for the month of June 2022 for Adrian Professionals. (15 marks)

*********This assessment has four questions, please help me answer questions 2*****************

\begin{tabular}{|l|l|} \hline June & \\ \hline 1 & Adrian contributed $170,000 of his own funds into a business bank account. \\ \hline 2 & Paid $1,200 for insurance for 12 months. \\ \hline 2 & Adrian rented a small office shop in Churchill. He paid six-months' rent in advance totalling $18,000. \\ \hline 3 & Office equipment was purchased for $18,000 cash. \\ \hline 4 & Adrian acquired a motor vehicle for $30,000. An amount of $10,000 was paid in cash, with the remaining balance was paid on 90 day credit term. \\ \hline 4 & A six-month subscription for access to international professional journals was purchased for $3,600 cash. \\ \hline 6 & Office supplies was purchased for $860 on 30 -day credit terms. \\ \hline 7 & Adrian invoiced his first client, ABC Ltd, $2,000 for one day's consulting service. \\ \hline 13 & Adrian contributed his own Laptop Computer valued at $3,600 to the business. \\ \hline 15 & Hired an assistant, Lisa, on a casual contract basis. \\ \hline 16 & Adrian invoiced AAA Ltd and BBB Ltd $3,500 for the consulting service. \\ \hline 18 & Received a full payment from his first client, ABC Ltd. \\ \hline 20 & Adrian invoiced clients $4,800 for consultation service. \\ \hline 20 & Adrian withdrew $2,400 for his personal use. \\ \hline 21 & Paid $1,200 wages to his assistant. \\ \hline 22 & Received $2,500 from the credit customer, AAA Ltd. \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline 25 & Gippsland RSVP, has agreed to retain Adrian's services as a research consultant in in the future at a rate of $2,200 per day. \\ \hline 26 & Adrian invoiced a range of clients for work performed $7,200. \\ \hline 27 & Paid $1,000 wages to his assistant. \\ \hline 27 & Paid telephone and internet bill for June of $320. \\ \hline 28 & Adrian withdrew $2,800 from the business for following purposes: \$1,200 was for one-off payment for professional membership joining fees to Australian Health Association, and the $1,600 was for his personal trip to Gold Coast for a holiday later in the year. \\ \hline \end{tabular}

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