Listed below are the transactions of Yasunari Kawabata, D.D.S., for the month of September. Sept. 1 Kawabata begins practice as a dentist and invests $20,000 cash. 2 Purchases dental equ
Question:
Listed below are the transactions of Yasunari Kawabata, D.D.S., for the month of September.
Sept. 1 Kawabata begins practice as a dentist and invests $20,000 cash.
2 Purchases dental equipment on account from Green Jacket Co. for $17,280.
4 Pays rent for office space, $680 for the month.
4 Employs a receptionist, Michael Bradley
5 Purchases dental supplies for cash, $942
8 Receives cash of S1,690 from patients for services performed.
10 Pays miscellaneous office expenses, $430.
14 Bills patients $5820 for services performed.
18 Pays Green Jacket Co. on account, $3,600.
19 Withdraws $3,000 cash from the business for personal use
20 Receives 9980 from patients on account
25 Bills patients $2,110 for services performed
30 Pays the following expenses in cash salaries and wages $1,80; miscellaneous office expenses $85
30 Dental supplies used during September, s33
Instructions
(a) Enter the transactions shown above in appropriate general ledger accounts (use T-accounts). Use the following ledger accounts: Cash, Accounts Receivable, Supplies, Equipment, Accumulated Depreciation-Equipment, Accounts Payable, Owner’s Capital, Service Revenue. Rent Expense, Office Expense, Salaries, and Wages Expense, Supplies Expense Depreciation Expense, and Income Summary. Allow 10 lines for the Cash and Income Summary accounts, and 5 lines for each of the other accounts needed. Record depreciation using a 5-year life on the equipment, the straight-line method, and no salvage value. Do not use a drawing account.
(b) Prepare a trial balance
(c) Prepare an income statement, a statement of owner’s equity, and an unclassified balance sheet.
(d) Close the ledger.
(e) Prepare a post-closing trial balance
Answers (1)
-
Alberta April 8, 2023 в 23:47(a) See below for T-account entries: Cash: Sept. 1 - Debit $20,000 Sept. 5 - Debit $942 Sept. 8 - Credit $1,690 Sept. 19 - Debit $3,000 Sept. 20 - Credit $9,980 Accounts Receivable: Sept. 8 - Credit $1,690 Sept. 14 - Debit $5,820 Sept. 20 - Debit $9,980 Sept. 25 - Debit $2,110 Supplies: Sept. 5 - Debit $942 Sept. 30 - Debit $33 Sept. 30 - Credit $975 (balance) Equipment: Sept. 2 - Debit $17,280 Sept. 30 - Credit $289 (depreciation expense) Accumulated Depreciation-Equipment: Sept. 30 - Debit $289 (depreciation expense) Accounts Payable: Sept. 2 - Credit $17,280 Sept. 18 - Debit $3,600 Sept. 30 - Credit $8,070 (balance) Owner's Capital: Sept. 1 - Credit $20,000 Sept. 30 - Credit $2,361 (net income) Service Revenue: Sept. 8 - Credit $1,690 Sept. 14 - Debit $5,820 Sept. 20 - Debit $9,980 Sept. 25 - Debit $2,110 Sept. 30 - Credit $14,080 (balance) Rent Expense: Sept. 4 - Debit $680 Office Expense: Sept. 10 - Debit $430 Sept. 30 - Debit $85 Sept. 30 - Credit $515 (balance) Salaries and Wages Expense: Sept. 30 - Debit $1,180 Supplies Expense: Sept. 30 - Debit $33 Depreciation Expense: Sept. 30 - Debit $289 Income Summary: Sept. 30 - Credit $2,361 (transferred to Owner's Capital) (b) Trial Balance: Cash $18,502 Accounts Receivable $22,470 Supplies $975 Equipment $16,991 Accum. Depreciation ($289) Accounts Payable ($8,070) Owner's Capital $22,361 Service Revenue $14,080 Rent Expense ($680) Office Expense ($515) Salaries and Wages ($1,180) Supplies Expense ($33) Depreciation Expense ($289) Total $63,020 $63,020 (c) Financial Statements: Income Statement: Service Revenue $14,080 Rent Expense ($680) Office Expense ($515) Salaries and Wages ($1,180) Supplies Expense ($33) Depreciation Expense ($289) Net Income $2,361 Statement of Owner's Equity: Owner's Capital, Sept.1 $20,000 Add: Net Income $2,361 Owner's Capital, Sept.30 $22,361 Unclassified Balance Sheet: Assets: Cash $18,502 Accounts Receivable $22,470 Supplies $975 Equipment $16,991 Accum. Depreciation ($289) Total Assets $58,649 Liabilities and Owner's Equity: Accounts Payable ($8,070) Owner's Capital $22,361 Total Liabilities and OE $14,291 (d) Closing Entries: Service Revenue $14,080 Rent Expense ($680) Office Expense ($515) Salaries and Wages ($1,180) Supplies Expense ($33) Depreciation Expense ($289) Income Summary $2,361 (transferred to Owner's Capital) (e) Post-Closing Trial Balance: Cash $18,502 Accounts Receivable $22,470 Supplies $975 Equipment $16,991 Accum. Depreciation ($289) Accounts Payable ($8,070) Owner's Capital $22,361 Total Assets $58,939 Total Liabilities and OE $58,939
- Ссылка
Do you know the answer?
Not sure about the answer?
Find the right answer to the question Listed below are the transactions of Yasunari Kawabata, D.D.S., for the month of September. Sept. 1 Kawabata begins practice as a dentist and invests $20,000 cash. 2 Purchases dental equ by subject Accounting, and if there is no answer or no one has given the right answer, then use the search and try to find the answer among similar questions.
Search for other answers
New questions in the category: Accounting
List the basic steps in the recording process.
Answers (1)
Briefly distinguish between financial and managerial accounting as they relate to (i) the primary users, (ii) the type and frequency of reports, (iii) the purpose of reports, and (iv) the content of reports.
Answers (0)
Is the work sheet a part of the formal accounting records?
Answers (1)
A company operates a job-order costing system and applies overhead cost to jobs on the basis of direct labor cost. Its predetermined overhead rate was based on a cost formula that estimated $135,000 o
Answers (0)
Managerial accounting reports are special-purpose and issued as frequently as needed. True or false?
Answers (1)
What items appear in financial statements of merchandising companies, but not in the statements of service companies?
Answers (1)
Lamp Light Limited (LLL) manufactures lampshades. It applies variable overhead on the basis of direct labor hours. Information from LLL’s standard cost card follows: During August, LLL had the follow
Answers (1)
What are the main three financial statements? How do you link them together to reflect the financial position and performance of a company?
Answers (1)
The costs incurred by International Rental Cars in the recent fiscal period are shown below. Calculate the total cost of the following: customer-sustaining activities. Custodial services for branch office in St. Louis$250 Painting costs for lux
Answers (1)
Gibson Pharmaceuticals manufacturers an over-the-counter allergy medication. The company sells both large commercial containers of 1,000 capsules to health care facilities and travel packs of 20 capsules to shops in airports, train stations, and hotels. T
Answers (1)
Describe at least 4 reasons a company would use a performance evaluation system?
Answers (0)
Define the basic elements of financial statements.
Answers (0)
Classify the following accounts either as an “asset”, “liability” or “equity”: – Owner’s capital – Unearned revenue – Buildings – Medical Equipment – Cash – Medical Supplies – Accounts Payable – Owner’s withdrawals – Prepaid Accounts – Accounts receivable
Answers (0)
The Lee Company uses a job-order costing system. The following data were for June : Job Number 235 , june 1 work in process inventory : $2,500 direct materials : $600 direct labor : $400 236, june 1 w
Answers (1)
Suppose a firm makes purchases of $3.1 million per year under terms of 2/10, net 30, and takes discounts. Assume 365 days in a year for your calculations. Do not round intermediate calculations. a. What is the average amount of accounts payable net of di
Answers (1)
Prepare a product by value analysis for the following products and given the position in its life cycle, identify the issues likely to confront the operations manager, and his or her possible actions.
Answers (1)
Rizio Co. purchases a machine for $12,500, terms 2/10, n/60, FOB shipping point. The seller prepaid the $360 freight charges, adding the amount to the invoice and bringing its total to $12,860. The machine requires special steel mounting and power connect
Answers (1)
Good to Go Auto Products distributes automobile parts to service stations and repair shops. The adjusted trial balance data that follows is from the firm’s worksheet for the year ended December 31, 20
Answers (1)
On January 1, 2011, Rapid River Realty sold a tract of land to three doctors as an investment. The land, purchased 10 years ago, was carried on Rapid River’s books at a value of $210,000. Rapid River received a non-interest-bearing note for $275,000 from
Answers (1)
What are some of the benefits and drawbacks of factoring?
Answers (1)
Authorization
Password generation
Leave a comment