Accounting Practice Assignment -
Judy Schmidt, M.D., has been practicing as a pediatrician for three years. During the month of June, she completed the following transactions in her practice of pediatrics:
June 1. Paid office rent for June, $600.
June 2. Purchased equipment on account, $2100.
June 5. Received cash on account from patients, $4150.
June 8. Purchased X-ray film and other supplies on account, $145.
June 9. One of the items of equipment purchased on June 2 was defective. It was returned with permission of the supplier, who agreed to reduce the account of the amount charged for the item, $125.
June 12. Paid cash to creditors on account, $1250.
June 16. Sold X-ray film to another doctor at cost. Received cash, $63.
June 17. Paid cash for renewal of property insurance, $370.
June 20. Discovered that the balance of the cash account and of the accounts payable account as of June 1 were overstated by $50. A payment of that amount to a creditor in May had not been recorded. Make a $50 adjustment to the appropriate accounts.
June 23. Paid cash for lab analyses, $245.
June 27. Recorded cash from business bank account for personal and family expenses, $1250.
June 30. Recorded the cash received in payment of services (cash paying patients) to patients during the month of June, $1720.
June 30. Paid salaries of receptionist and nurses, $1725.
June 30. Paid gas and electricity expense, $157.
June 30. Paid water expense, $29.
June 30. Recorded fee charged to patients on account for services performed in June, $4145.
June 30. Paid telephone expense, $74.
June 30. Paid miscellaneous expenses, $132.
Dr. Schmidt's account titles and opening balances as of June 1 are listed as follows: Cash-$3,123; Accounts Receivable-$6725; Supplies-$290; Prepaid Insurance-$365; Equipment-$19,745; Accounts Payable-$765; Capital-$29,483; Judy Schmidt, Drawing-$0; Professional Fees-$0; Salary Expense-$0; Rent Expense-$0; Lab Expense-$0; Utilities Expense-$0; Misc. Expense-$0.
Assignment Instructions:
1. Open up a new Excel Spreadsheet and label the first tab 'T Accounts'.
2. Create/open T accounts for all of the above accounts adding their opening balances.
3. Analyze and enter all of the transaction for the month of June.
4. Close all accounts for the month of June.
5. Label the second tab 'Trail Balance Statement'.
6. Create and properly format a Trail Balance Statement.
7. Label the third tab 'Balance Statement'.
8. Create and properly format a Balance Statement.
9. Unload your spreadsheet to the Dropbox.
Attachment:- Assignment Files.rar