Abuja Dental Services' general ledger at April 30, 2014, included the following: Cash, $6,000; Supplies, $1,000; Equipment,

Question:

Abuja Dental Services' general ledger at April 30, 2014, included the following: Cash, $6,000; Supplies,

$1,000; Equipment, $65,000; Notes Payable, $50,000; Accounts Payable, $800; and S. Abuja, Capital, $21,200.

During May 2014, the following transactions occurred:

May 2 Paid May's rent of $1,200.

4 Purchased $700 supplies on account.

15 Paid the accounts payable owing from April 30, 2014.

31 Paid the dental assistant's salary of $1,800.

31 Earned revenue of $10,000 for dental services during May. Collected $9,500 of this in cash.

Instructions

(a) Journalize May's transactions.

(b) Using T accounts enter the balances as at April 30, 2014, then post May's journal entries.

(d) Prepare financial statements for May.

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial... Accounts Payable
Accounts payable (AP) are bills to be paid as part of the normal course of business.This is a standard accounting term, one of the most common liabilities, which normally appears in the balance sheet listing of liabilities. Businesses receive...