Question
ASSETS LIABILITIES EQUITY INCOME STATEMENT Listed below are the transactions of Yasunari Kawabata, D.D.S., for the month of September. Inc Dec Dec Inc Dec
ASSETS LIABILITIES EQUITY INCOME STATEMENT Listed below are the transactions of Yasunari Kawabata, D.D.S., for the month of September. Inc Dec Dec Inc Dec Inc Dec Inc Cash Accounts Receivable Beg $5,820 Accounts Payable $17,280 Owner's Capital $20,000 Service Revenue $1,690 Sept. Kawabata begins practice as a dentist and invests $20,000 cash. 1 From Operations $1,200 $980 $3,600 $3,000 $5,820 $2,110 $2,110 $3,000 $6,950 ($13,680) ($17,000) ($9,620) 1 Purchases a one-year insurance policy for $1,200, paying the entire amount in cash. $680 $942 $1,690 Prepaid Insurance $1,200 Deferred Service Revenue $3,000 Income Summary Rent Expense $680 2 Purchases dental equipment on account from Green Jacket Co. for $17,280. $430 $3,600 $3,000 $1,200 ($3,000) 2 Collects $3,000 prepayment from patient for 2 year orthodontic treatment plan. $980 $1,800 $85 Supplies $942 4 Pays rent for office space, $680 for the month. From Investing $20,000 $680 Office Expense $430 $85 14 Employs a receptionist, Michael Bradley. 5 Purchases dental supplies for cash, $942. $942 Equipment $17,280 $0 $515 Salaries & Wages Expense $1,800 8 Receives cash of $1,690 from patients for services performed. 10 Pays miscellaneous office expenses, $430. From Financing $17,280 Accum. Depreciation $1,800 Insurance Expense 14 Bills patients $5,820 for services performed. 18 Pays Green Jacket Co. on account, $3,600. $13,933 so 19 Withdraws $3,000 cash from the business for personal use. Supplies Expense 20 Receives $980 from patients on account. 25 Bills patients $2,110 for services performed. 30 Pays the following expenses in cash: Salaries and wages $1,800; miscellaneous office expenses $85. (Record each separately.) Need help, please: Record depreciation using a 5-year life on the equipment, the straight-line method, and no salvage value. Dental supplies used during September totaled $330. Prepare necessary adjusting entries for depreciation, prepaid insurance, unearned revenue, and supplies used. Depreciation Expense $0
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