Question -
i. March 1, Chuck Branson, the owner, invested $200,000 cash to start the business.
ii. March 3, Chuck paid $44,000 (GST inclusive) to purchase equipment.
iii. March 8, Chuck purchased supplies totaling $880 (GST inclusive) on credit. The amount is due 60 days later.
iv. March 25, Chuck withdrew $2,000 for personal use.
v. March 29, Chuck received a $220 (GST inclusive) utility bill for March, to be paid in April
vi. March 30, Chuck billed clients $8,800 (GST inclusive) for services performed during the month.
vii. March 31, Depreciation of $5,500 on equipment is charged; supplies used is $300
Prepare Income statement and balance sheet.