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Question 1. Preparation and use of financial statements 1. Complete a worksheet to record the business transactions for the 3 months to 31st January. Mere's Pet Grooming Service worksheet at 31st January 2007 Transaction Cash Debtors Supplies Prepaid Rent Equipment Creditors Electricity Due Owners' Equity Profit/Loss 1 $8,920 $5,000 $3,920 2 $800 $800 3 ($800) $200 ($600) 4 ($1,500) $2,000 $500 5 ($960) $960 6 ($700) ($700) 7 ($522) ($522) 8 $279 ($279) 9 ($216) ($216) 10 ($1,300) ($1,300) Balance $3,622 $800 $260 $200 $2,000 $500 $279 $3,700 $2,403 2. Prepare a statement of financial performance for the 3 month to 31st January. Mere's Pet Grooming Service Statement of Financial Performance at 31st January 2007 $ $ $ Sales Revenue ...

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