Answered step by step
Verified Expert Solution
Question
1 Approved Answer
PLEASE help solve i and ii 3 MMME3088 (a) At the start of October 2021, Dr Smith commenced a medical centre offering general health screening
PLEASE help solve i and ii
3 MMME3088 (a) At the start of October 2021, Dr Smith commenced a medical centre offering general health screening service to managerial and secretarial staff at a standard fee of 500 per examination. Whenever patients make personal arrangements, they will be asked to pay cash on the day of the examination. If the patient's employer has agreed to pay for the screening, Dr Smith will send an invoice to the employer, requiring payment within 30 days. Below are the list of transactions for Dr Smith's business in October. Trans. No. 1 NON Data Business transactions Oct 1 Dr Smith provides the medical centre with cash to start business Oct 2 The business acquires medical equipment with cash Oct 2 One month's rent is paid in advance Oct 2 Office furniture is purchase on two months' credit from Office Supplies Company Oct 7 The practice purchases medical supplies on credit from P. Jones and receives an invoice Oct 8 Dr Smith pays the medical receptionist for one week's work from 2 to 8 October Oct 10 Four patients are examined, each paying 500 in cash Oct 11 The business pays P. Jones In cash for goods acquired on credit Oct 14. The business pays electricity bill in cash Oct 15 Dr Smith pays the medical receptionist for one week's work, from 9 to 15 October Oct 17 Three patients are examined, their employer (Mrs West) being sent an invoice requesting payment of 500 for each Oct 22 Dr Smith pays the medical receptionist for one week's work, from 16 to 22 October Oct 23 The employer (Mrs West) pays in cash for the examination of three patients Oct 24 Four patients are examined, their employer (Mr East) being sent an invoice requesting payment of 500 for each Oct 28 Dr Smith draws cash from the business for personal use Oct 29 Dr Smith pays the medical receptionist for one week's work from 23 to 29 October Oct 31 The medical equipment and office furniture is estimated by Dr Smith to have fallen in value over the month Oct 31 Dr Smith checks the inventory (stock) of medical supplies and finds that the items costing E350 have been used during the month. Amount (6) 50,000 30,000 1,900 6,500 1,200 300 2,000 1.200 100 300 1,500 9 10 11 12 13 14 300 1,500 2,000 15 16 17 unoN 1,000 300 250 1 18 350 As Dr Smith's accountant, you are to prepare the following documents for auditing: Trial balance as of 31 October 2021 Balance sheet for October 2021 ii) (12 marks) Chl Based GEStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started