LM Limited started business on 1 November 2019. During the first month in business the following transactions occurred: a Issued share capital, $200…

LM Limited started business on 1 November 2019. During the first month in business the following transactions occurred:

a Issued share capital, $200 000.

b Paid one month’s rent of $4000.

c Provided services to customers on credit, $60 000; $22 000 of

this amount had been received by the end of the month.

d Paid wages of $14 000. An additional $2000 in wages is owed at

the end of the month for work done during November.

e Received a $3000 bill for ma

intenance work done during

November; the bill will be paid in December.

REQUIRED:

1 Prepare an income statement for the month of November 2019.

2 Prepare a balance sheet at 30 November 2019.

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