TOOLS VW SOCIED VIEW le carte rom the met can con 202251 rastin Protected 1 t .1 Pced Vial Word Ebeng Q2: Discuss how the Income Statement (P&L) affects the Balance Sheet after all the transactions are balanced at the end of each month and or at the end of the financial year. Word limit: 600 words. (Approximately 300 words per question). Two academic textbook references are required besides the prescribed textbook as a minimum. Tran. 2: Successfully applied and got a bank loan of $10,000 payable within three years. Tran. 3: Paid $6,000 rent (in advance) for the next three months. Tran. 4: Purchased inventory: $4,000 on credit payable within 60 days. Tran 5: Purchased second hand kitchen equipment $6,000 cash. Tran. 6: Purchased second hand furniture and fixtures for $2,000 ASSESSMENT ONE PART TWO: 10 marks cash Topic: Classification and Analysis of Transactions and preparation of worksheet. Cup Cakes Heaven (Sole Trader) Ms E Chan(Proprietor) Tran. 7: For the month of March 20XX the business sales were $10,000. The COGS was $3,000. Tran. 78: NOTE: transactions consisted - 70% cash and 30% on credits. Tran. 8: Paid $2,000 of the short term loan (inventory) suppliers. Tran. 9: Paid a casual employee $2,800. Tran. 10: Paid the advertisement agency$600. Tran. 11: Some of the clients (debtors) paid $2,000 of the outstanding balance. Tran. 12 Ms E Chan withdrew $200 for personal use. Tran. 13: Adjustment the end of month rent. In the month of March 20XX (beginning) Ms E Chan started a small business selling fine classy and natural cupcakes, coffee/tea and soft drinks. The first transactions for the first month of business are as follows: Tran. 1: Open a business bank account and deposited $10,000 of her own personal money. Required: - Prepare a Ten Column Worksheet and enter all the transactions O Type here to search Prepare an Income Statement for the month of March 20XX. Prepare a Balance Sheet for the month of March 20XX. Prepare an analysis report for the business owner. O Type here to search