|
The business has the following opening balances:
|
Cash At Bank
|
$16,478
|
|
Account Receivable
|
$23,791
|
|
Motor Vehicle
|
$30,232
|
|
Account Payable
|
$9,630
|
|
Bank Loan (due 2014)
|
$27,778
|
|
Medical Equipment
|
$34,884
|
|
Office Supplies
|
$660
|
|
Medical Supplies
|
$1,506
|
|
Additional Information:
|
|
|
Bank loan interest rates (% per year)
|
8
|
|
Motor vehicle useful life (years)
|
3
|
|
Motor vehicle scrap value ($)
|
2,503
|
|
Insurance paid for (months)
|
4
|
|
Rent paid for (months)
|
5
|
|
Medical equipment useful life (years)
|
4
|
|
Medical equipment scrap value ($)
|
3,877
|
|
Closing stock of office supplies on 30/6 ($)
|
553
|
|
Closing stock of medical supplies on 30/6 ($)
|
2,247
|
|
|
Date
|
Description
|
Amount
|
Date
|
Description
|
Amount
|
|
1-Jun
|
|
Paid General Insurance
|
$2,063
|
1-Jun
|
|
Motor Vehicle Expenses
|
$223
|
|
2-Jun
|
|
Purchase medical supplies - Cash
|
$443
|
3-Jun
|
|
Pet consultation - Cash
|
$1,650
|
|
3-Jun
|
|
Rent of Business Premises
|
$3,029
|
4-Jun
|
|
Pet consultation - Account
|
$1,496
|
|
5-Jun
|
|
Cash Withdrawals by Owner
|
$582
|
5-Jun
|
|
Sundry Expenses
|
$122
|
|
6-Jun
|
|
Payment to Account Payable
|
$1,475
|
6-Jun
|
|
Cash Withdrawals by Owner
|
$567
|
|
7-Jun
|
|
Desexing - Cash
|
$2,638
|
7-Jun
|
|
Purchase office supplies - Account
|
$447
|
|
8-Jun
|
|
Motor Vehicle Expenses
|
$134
|
8-Jun
|
|
Purchase office supplies - Account
|
$349
|
|
8-Jun
|
|
Receive Payment from Account Customers
|
$1,096
|
8-Jun
|
|
Staff Wages
|
$1,465
|
|
9-Jun
|
|
Vaccination - Account
|
$773
|
10-Jun
|
|
Advertising Expense - Cash
|
$474
|
|
12-Jun
|
|
Advertising Expense - Cash
|
$328
|
12-Jun
|
|
Advertising Expense - Account
|
$765
|
|
15-Jun
|
|
Staff Wages
|
$1,465
|
16-Jun
|
|
Pet consultation - Account
|
$1,388
|
|
17-Jun
|
|
Vaccination - Cash
|
$1,448
|
18-Jun
|
|
Receive Payment from Account Customers
|
$1,903
|
|
19-Jun
|
|
Vaccination - Cash
|
$1,275
|
21-Jun
|
|
Vaccination - Account
|
$1,016
|
|
22-Jun
|
|
Staff Wages
|
$1,465
|
22-Jun
|
|
Sundry Expenses
|
$110
|
|
24-Jun
|
|
Advertising Expense - Account
|
$770
|
25-Jun
|
|
Purchase medical supplies - Account
|
$653
|
|
25-Jun
|
|
Pet consultation - Cash
|
$1,585
|
26-Jun
|
|
Desexing - Cash
|
$2,316
|
|
26-Jun
|
|
Payment to Account Payable
|
$634
|
27-Jun
|
|
Additional cash contributed by owner
|
$4,875
|
|
29-Jun
|
|
Staff Wages
|
$1,465
|
|
|
|
|
You are required to prepare a general journal entry to incorporate the opening balances into the current period, including the balancing capital figure.
You will need to refer to the Additional Information section for your adjusting entries.
The rent and insurance period start on 1 June.
Show three types of revenue, namely pet consultation, vaccination and desexing fees. All revenues received were for the month of June.
Unless otherwise indicated, all transactions are on a cash basis. Use one general Account Receivable for all debtors and one general Account
Payable for all creditors.
Your Balance Sheet should show assets and liabilities divided into current and non-current.
Staff work a 7-day week and are paid on the 8th day.
Assume all prepayments are initially recognized as an asset.