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QUESTION 3: Basic Financial Statement Preparation (16 marks) You have been so helpful to Phil that he has recommended you to another dentist friend of
QUESTION 3: Basic Financial Statement Preparation (16 marks) You have been so helpful to Phil that he has recommended you to another dentist friend of his, Dr. Ginger Vitus. Ginger set up a dental practice called 'Dazzling Smile" on 1 June 2020 and completed a basic bookkeeping course before she commenced her business. Ginger has been running her business now for one month and has been able to prepare her business's accounting information up to the point of the trial balance. However, she requires your assistance in preparing the financial statements. Ginger also doesn't think that the Trial Balance she has provided is in the correct order. Required: Prepare the following financial statements using the information provided in the Trial Balance provided below. Income Statement (Statement of Financial Performance) Statement of Changes in Equity; and Balance Sheet (Statement of Financial Position) . Dazzling Smile Trial Balance for the month ended 30 June 2020 Debit ($) Credit ($) 133,280 18,326 15,876 390,000 Loan Payable Supplies on Hand Fuel Expense Capital, G. Vitus Equipment Cash at Bank Telephone Expense Warehouse 35,280 90,508 4,900 392,000 Sales 76,632 6,076 Accounts Payable Rent Expense Accounts Receivable 1,176 47,922 605,988 Totals 605,988 Add any additional pages required to complete the required statements
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