BACKGROUND INFORMATION: Edward Moser is the sole-owner of Computer Wizz. This business provides repair services for computer hardware and it also sells computers, printers and accessories. Computer Wizz makes provision for credit sales. The credit policy stipulates that customers should settle their accounts within 7 days, after which interest of 10% per annum will be levied on a monthly basis. Computer Wizz is a registered VAT vendor and needs to submit the VAT201 form at the end of March 2020. The periodic inventory system is used and a gross profit margin of 20% is maintained. Source documents received from suppliers and creditors are not renumbered. The entity makes use of control accounts for debtors and creditors. Computer Wizz pays commercial rent. All amounts include VAT, unless stated otherwise. Amount Statement for the period 1 to 31 March 2020 Date Description 1/Mar Balance brought forward 2/Mar Deposit 2/Mar EFT Interprop 4/Mar EFT City of Tshwane 6/Mar Deposit 6/Mar Cash handling fee 6/Mar EFT Internet for Africa 8/Mar EFT CompMac Inv 871 15/Mar Deposit 15/Mar Cash handling fee 16/Mar EFT Tshwane News 17/Mar EFT Sparkle Clean 23/Mar Deposit MassMart D1 Inv T56 25/Mar Deposit 25/Mar Cash handling fee 29/Mar EFT Bidvest Waltons 29/Mar Deposit Inv T57 30/Mar EFT B Naidoo Salary 31/Mar Deposit 31/Mar Cash handling fee 31/Mar Outsure: Business Insurance 31/Mar Cell ABC: Business cell phones 31/Mar Interest on favourable balance 31/Mar Bank charges R3,990.00 -R15,000.00 -R7,250.64 R31,480.00 -R1,574.00 # -R1,908.50 -R14,330.00 R45,670.00 -R2,283.50 # -R8,700.00 -R560.80 R34,900.20 R12,930.00 -R646.50 # -R1,654.55 R7,240.40 -R23,648.56 R45,640.00 -R2,282.00 # -R5,468.00 -R4,813.00 R51.00 -R287.00 # Balance R78,641.45 R82,631.45 R67,631.45 R60,380.81 R91,860.81 R90,286.81 R88,378.31 R74,048.31 R119,718.31 R117,434.81 R108,734.81 R108,174.01 R143,074.21 R156,004.21 R155,357.71 R153,703.16 R160,943.56 R137,295.00 R182,935.00 R180,653.00 R175,185.00 R170,372.00 R170,423.00 R170,136.00 # Services incl VAT Just debit and general journal credit of the