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Assessment Question Background

Judy Russo is an architect. she opened a business on $1$ December $2023$ by her own, "Smart Home Architects", providing a variety of residential home design services. Smart Home Architects is a sole proprietorship and not yet registered for GST therefore ignore GST$.$

The following transactions took place during the first month of operations.

EN$-$US

$$Judy Russo is an architect. she opened a business on

$1$

$$December

$2$

$0$

$2$

$3$

$$by her own, "Smart Home Architects", providing a variety of residential home design services. Smart Home Architects is a sole proprietorship and not yet registered for GST therefore ignore GST

$.$

The following transactions took place during the first month of operations.

Dec

$1$

$,$

Judy invested $

$3$

$6$

$,$

$0$

$0$

$0$

$$into the business bank account.

Dec

$-$

$2$

$$Borrowed $

$9$

$,$

$0$

$0$

$0$

$$from Kiwi Bank.

Dec

$-$

$3$

$$ Hired a Secretary

$-$

Receptionist at a salary of $

$5$

$0$

$0$

$$per week and Interior Designer at a salary of $

$8$

$0$

$0$

$$per week, payable monthly.

Dec

$-$

$4$

$$Purchased architectural supplies on account from Gibson Suppliers, $

$2$

$,$

$9$

$0$

$0$

$.$

$$The amount is due on

$1$

$0$

$$December$.$

Dec

$-$

$5$

$$Purchased $

$7$

$,$

$5$

$0$

$0$

$$worth of equipment and $

$6$

$,$

$7$

$5$

$0$

$$worth of furniture for cash.

Dec

$-$

$6$

$$Paid office rent for the first two months in advance starting from

$1$

$$December$,$ $

$2$

$,$

$2$

$0$

$0$

$.$

Dec

$-$

$8$

$$Received $

$1$

$,$

$5$

$0$

$0$

$$cash advance from M

$.$

$$John for the design of a new home. The design should be completed in

$1$

$0$

$$days$.$

Dec

$-$

$1$

$0$

$$Completed blueprints on a kitchen and invoiced a client, R

$.$

$$Thomas$,$ $

$3$

$,$

$0$

$0$

$0$

$.$

Dec

$-$

$1$

$0$

$$Paid the amount due to Gibson Suppliers.

Dec

$-$

$1$

$4$

$$R

$.$

$$Thomas paid $

$3$

$0$

$0$

$0$

$$for the services received on

$1$

$0$

$$December$.$

Dec

$-$

$1$

$9$

$$Completed the design of M

$.$

$$John

$$

s new home and invoiced M

$.$

$$John$,$ $

$6$

$,$

$2$

$5$

$0$

$.$

$$Thebalance amount of the bill

$($

after deducting cash advance received on

$8$

$$Dec

$)$

will be due in

$3$

$$weeks

$$

$$time$.$

Dec

$-$

$2$

$5$

$$Paid monthly salaries to the Secretary

$-$

Receptionist and Interior Designer.

Dec

$-$

$2$

$8$

$$Paid the bank loan instalment of $

$9$

$9$

$0$

$$to Kiwi Bank. The Loan instalment consists of interest on the loan is $

$6$

$9$

$0$

$$and Loan capital is $

$3$

$0$

$0$

$.$

Dec

$-$

$3$

$0$

$$Paid utility bills for the current month, $

$1$

$,$

$6$

$2$

$5$

$.$

Required: Prepare an accounting equation, journal entries in the general journal, Post to ledger accounts, and trial balance

$($

Unadjusted

$)$

from the above

$-$given details

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