Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Current Attempt in Progress Emily Valley is a licensed dentist. During the first month of the operation of her business, the following events and transactions

image text in transcribed
image text in transcribed
image text in transcribed
Current Attempt in Progress Emily Valley is a licensed dentist. During the first month of the operation of her business, the following events and transactions occurred. April 1 1 2 3 Invested $19.210 cash in her business. Hired a secretary-receptionist at a salary of $645 per week payable monthly Paid office rent for the month $1,035. Purchased dental supplies on account from Dazzle Company $4,050. Performed dental services and billed insurance companies $5,130. Received $2,005 cash for services performed from Michael Santos. Paid secretary-receptionist for the month $2,580. Paid $2.275 to Dazzle for accounts payable due. 10 20 30 30 Emily uses the following chart of accounts: No. 101 Cash, No. 112 Accounts Receivable. No. 126 Supplies, No. 201 Accounts Payable, No. 311 Owner's Capital, No. 400 Service Revenue, No. 726 Salaries and Wages Expense, and No. 729 Rent Expense. Journalize the transactions. (If no entry is required, select "No Entry for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date Account Titles and Explanation Debit Credit (Owner's investment of cash in business) (Hired secretary-receptionist) (Paid monthly rent) (Purchased supplies) + (Billed insurance companies) (Performed services for cash) Post the journal entries to the ledger accounts. Cash Date Explanation Ref. No. 101 Balance Debit Credit J1 J1 J1 J1 . J1 Accounts Receivable Date Explanation Ref. Debit No. 112 Balance Credit J1 Supplies Date Explanation Ref. Debit No. 126 Balance Credit J1 Accounts Payable Date Explanation Ref. Debit No. 201 Balance Credit J1 J1 Owner's Capital Date Explanation Ref. Debit Credit No. 301 Balance

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting

Authors: Michael J. Jones

1st Edition

0470058986, 978-0470058985

More Books

Students also viewed these Accounting questions

Question

provide a thorough insight into what job crafting really is;

Answered: 1 week ago