1-Oct-20

Date
1-Oct-20

1-Oct-20

5-Oct-20

8-Oct-20

10-Oct-20

16-Oct-20

22-Oct-20

31-Oct-20

31-Oct-20
Sarah is a renowned Dentist in California. She is now starting her own independent practice (business), and has
registered her business as 'S&S - Shine&Smile'.
Transaction
Sarah has opened her business bank account in Chase Bank, and deposited $10,000 into it.

Sarah has rented out a fully furnished and equipped dental clinic at montlhy rental of $2,500.
Rent is payable on the 1st of each month. So, she has made the payment from Chase Bank.

Sarah has run a marketing campaign on Facebook at total cost of $500, paid from Chase Bank.

A client visited the clinic for treatment. The total bill amounted to $1200 and the client paid in cash.

The business paid 10% - $120 by bank transfer in sales commission to the agency, for referring
the above customer.

Sarah Withdrew $3000 from bank account to keep it as Cash in office.

Four clients visited the clinic and paid a total fee of $6000 in cash.

Paid Utilities bill of $400 by cash.

Paid pharmacy bill of $2800 by cash, for the accessories and medicines used for patients in the month.
Account Debit Credit
Chase Bank 10,000 Chase Bank
Owner's Capital 10,000 10,000

Rent expense 2,500

Chase Bank 2,500
10,000
Marketing expense 500
Chase Bank 500 3,880

Cash 1,200
Income 1,200 Marketing Expense
500
Commission expense 120
Chase Bank 120

Cash 3,000 500

Chase Bank 3,000
500
Cash 6,000
Income 6,000
Commission Expense
Utility expense 400 120
Cash 400

Accessories and medicines 2,800

Cash 2,800 120

120
 General Ledger
Chase Bank Owner's Capital Rent Expense
2,500 10,000 2,500
500
120
3,000
6,120 - 10,000 2,500 -

- - 10,000 2,500 -

Marketing Expense Cash Income

1,200 400 1,200
3,000 2,800 6,000
6,000

- 10,200 3,200 - 7,200

- 7,000 - - 7,200

Commission Expense Utility Expense Accessories & Medicines

400 2,800

- 400 - 2,800 -

- 400 - 2,800 -
 Trial Balance Profit & Loss Account
At 30 October 2020 For the month of October
Dr Cr
Chase Bank 3,880 Income
Owner's Capital 10,000 Rent expense
Rent Expense 2,500 Marketing expense
Marketing Expense 500 Commission expense
Cash 7,000 Utilities expense
Income 7,200 Accessories & Medicines
Commission Expense 120
Utility Expense 400
Accessories & Medicines 2,800

Total expenses

Total 17,200 17,200 Net Profit

 Financial Statements
Profit & Loss Account Balance Sheet
For the month of October As at 30 October 2020
Dr Cr Assets: $ Liabilities & Capital: $
7,200
2,500 Liabilities:
500 Chase bank 3,880
120 Cash 7,000
400
2,800

Owner's Capital:
Owner's Capital 10,000
Profit 880
6,320

880 Total Assets 10,880 Total liabilities & Capital 10,880

 Financial Statements
Profit & Loss Account Balance Sheet
For the month of October As at 30 October 2020
Dr Cr Assets: $
Income 7,200
Cost of Sales 2,800 Current Assets:
Gross Profit 4,400 Chase bank 3,880
Cash 7,000
Other expenses:
Rent expense 2,500
Marketing expense 500
Sales commission 120 Total Current Assets 10,880
Utilities 400 Non-Current Assets:

Total Expenses 3,520 Total Non-current Asset -

Other income
Net Profit 880 Total Assets 10,880
 Balance Sheet
As at 30 October 2020
Liabilities & Capital: $

Liabilities:
Current Liabilities:

Total Current Liabilities -

Non-Current Liabilities:

Total Non-Current liabilities -

Total liabilities: -
Owner's Capital:
Capital 10,000
Profit 880
Total Capital 10,880

Total liabilities & Capital 10,880