Recording Transactions & Preparing Income Statement: ACCT7018

Bb Take Test: Midsession Exam Quer x New Tab + >G Ovuws.westernsydney.edu.au/webapps/assessment/take/launch.jsp?course_assessment_id=_160115_1&course_id=_43387_1&content_id=_8480092_1&step=null My Grades Remaining Time: 1 hour. 28 minutes, 56 seconds. Student Support Zone Student Services Question Completion Status Study Smart Zone ACCT7018 MSE - Q4 2022 Library VUWS Self-Help Midsession exam answer sheet - ACCT7018 (Q4 2022) Studiosity Question 1 (25 marks) Part A (21 marks) Suzy Sheep has a car hire business and her financial balances are provided in the table below. Assets Liabilities Equity Cash at Bank Accounts Receivable Office Equipment Motor Vehicles Fuel Supplies Accounts Payable Loan Payable John Limos, Capital Bal $52,500 519.575 $2.575 $94,000 $12,500 $22.000 $134 150 Additional information: During the financial year ending 30 June 2022, Suzy's bu red into the following transactions 1. Collected $10,500 of the accounts receivable. 2. Paid $1,500 of the acco 3. Purchased an additional motor vehicle for $56,000. Paid $25,000 in cash and sign ment for the balance. 4. Billed customers for services performed, $12,000. 5. Fuel supplies purchased on credit, $3750. 6. Paid expenses in cash, $7,400 (wages, $3,600; car cleaning $2,575; advertising, $1,225). 7. John Limos withdrew $2000 for personal use. REQUIRED: a. Record the effects of each of the above tran ons. There is no need to show the total of each ion. (15 marks) b. Prepare an income s ment for the year ending 30 June 2022. (6 marks) Part B (4 marks) Suzy has a limited understanding of accounting conce as mean and is hoping you nin concents to her Click Save and Submit to save and submit. Click Save A Save and Submit Type here to search O Fi 17"C Mostly cloudy ENG 7:06 10/17/