Ditka Dental

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D H 34 Transfer the Opening entries from the Balance Sheet to the lediger opening balances fledger account add numbers 35 you) M IN Using Accounting practices Learned-use the transactions below to Create lournal Entries: Post from the Journal to 36 the Ledgers: Create a Triel Balance from the finished leskets create Financial Statements from the Trillance 37 All date, Account and Ledger number fields have drop down menus. 38 39 The opening balances for the month of March are as follows 40 41 Ditka Dental 42 Balance Sheet 43 As at February 28, 2020 44 Assets Liabilities 45 CASH in BANK 58,200 ACCOUNTS PAYABLE 46 ACCOUNTS RECEIVABLE (INSURANCE $6,250 BANK LOAN 47 PREPAID INSURANCE $2.500 LINE OF CREDIT 48 DENTAL EQUIPMENT SB0.000 49 Acc. Depreciation -DENTAL EQL ($10,000) Total Liabilities 50 51 Capital (owners equity) 52 53 Total Assets 586.950 Total Liabilities & Owners' Equity 54 55 Sheet1 $7,350 $2.800 $22.500 $32,650 $54.300 586950 Rendy 2490 H 56 Transactions for the month of March: 57 58 Mar 1 owner deposited personal cash into the business bank account 59 Mar 2 owner borrowed cash for the business & deposited in bank 60 Mar 3 bought Dental Xray Machine from cash in bank 61 Mar 4 deposit cash for Client services in Bank 52 Mar 5 paid rent for the month (wrote cheque from bank) 53 Mar 6 paid salaries from bank account (wrote cheques) 54 Mar 8 paid back a portion of the accounts payable (etransfer from bat 55 Mar 9 received interest on the bank account 56 Mar 12 purchased supplies on account (expense them) 57 Mar 14 Deposited cash from customer to settle their account 58 Mar 16 purchased gasoline for the company using line of credit Mar 19 sold services on account receivable (Insurance claims) Mar 22 car insurance used this period - from prepaid 1 Mar 26 received an advertising bill that will be paid next month Mar 28 paid bank loan principle (from business account) Mar 28 paid line of credit (from business account) Mar 29 paid interest on the bank loan/ line of credit (from business ad 5 Mar 30 owner withdrew cash for personal use from bank 6 Mar 31 Recognized one month of depreciation 3 $5,200 $6,500 $10,000 $4,800 $2,850 $975 $1,000 $15 $250 $900 $750 $2,250 $600 $320 $350 $500 $375 $1,425 $475 O U AW NOO M Account 400 410 G 79 The Chart of Accounts (GL no.) is shown below: BO B1 Account Description Account Account Description 82 ASSETS -CATEGORY 1 REVENUE - CATEGORY 4 33 CASH 101 REVENUE 84 ACCOUNTS RECEIVABLE (INSURANCE 110 INTEREST REVENUE 85 PREPAID CAR INSURANCE 112 EXPENSES - CATEGORY 5 86 DENTAL EQUIPMENT 120 87 Acc Depreciation Dental Equipmer 121 ADVERTISING 88 LIABILITIES -CATEGORY 2 CAR INSURANCE 89 ACCOUNTS PAYABLE 200 RENT 90 BANK LOAN 210 TELEPHONE 91 LINE OF CREDIT 220 SALARY 92 SUPPLIES 93 OWNER'S EQUITY - CATEGORY 3 GASOLINE 94 CAPITAL (owners equity 300 DEPRECIATION 95 DRAWINGS 310 INTEREST EXPENSE 96 97 Required: 98 a) Journalize the transactions (with dates & descriptions) 99 b) Post the transactions to the general ledger 100 c) Prepare the financial statements in the worksheets provided 505 510 520 530 540 545 550 560 570 Required: a) Journalize the transactions (with dates & descriptions) b) Post the transactions to the general ledger 0 c) Prepare the financial statements in the worksheets provided 1 2 General Journal In the Journal Section, pick a date, the account, GL number from drop downs - Debit & Credit amounts 33 must be typed in DATE DESCRIPTION 04 05 06 07 + CR 1-Mar GL NO. 101 300 DR $5.2001 CASH CAPITAL OWNERS EQUITY $5.200 508 109 32 In the Ledgers; Pick a date using the drop-down in the date field, type in an account or explanation if you want, type in your debit or credit amount and after the opening balance, the amount should self add or subtract. Check the math and correct if necessary. Then Choose DR or CR from the final drop down to 83 indicate if a Debit or Credit Balance. Don't forget opening balances were appropriate. 184 Account: CASH 185 Date DESCRIPTION + GL NO: 786 DR CR Balance DR/CR 187 Opening Balance 188 $0 189 $0 190 $0 191 SO 192 $0 193 sol 194 $o 195 196 197 1198 199 SO $0 $o $0 SO SO 200 201 Sheet1 Ready 10 3 Account: 34 Date ACCOUNTS RECEIVABLE (INSURANCE) DESCRIPTION + 35 GL NO: Balance DR CR DR/CR 06 Opening Balance 07 08 09 $O $0 PREPAID CAR INSURANCE DESCRIPTION + GL NO: Balance DR CR DR/CR 10 211 Account: 212 Date 213 214 215 216 217 Opening Balance $0 181 219 Account: DENTAL EQUIPMENT DESCRIPTION + GL NO: Balance DR CR DR/CR Opening Balance $0 220 Date 221 222 223 224 225 226 227 Account: 228 Date 229 230 231 232 233 234 Acc. Depreciation Dental Equipment DESCRIPTION + GL NO: Balance DR CR DR/CR Opening Balance $0 Account: ACCOUNTS PAYABLE DESCRIPTION Date + OL NO: Balance DR CR DR/CR 5 7 8 9 0 Opening Balance SO SO 50 1 12 13 Account: 14 Date 35 BANK LOAN DESCRIPTION + CR GL NO: Balance DR DR/CR 46 Opening Balance SO $0 47 -48 49 50 -51 Account: 352 Date 253 254 255 256 257 LINE OF CREDIT DESCRIPTION + GL NO: Balance DR CR DR/CR Opening Balance 50 50 Sheet1 259 Account: 260 Date 261 CAPITAL DESCRIPTION + GL NO: Balance DR CR DR/CH sol + OR OL NO: Balance CR DN/CR 262 Opening Balance 263 264 265 266 267 Account: DRAWINGS 268 Date DESCRIPTION 269 270 Opening Balance 271 272 273 274 275 Account REVENUE 276 Date DESCRIPTION 277 278 279 280 281 Account INTEREST REVENUE 50 + DR CR GL NO: Balance DR/CR 50 50 GL NO: H 1 Account: INTEREST REVENUE DESCRIPTION + Date 2. 3 4 DR CR GL NO: Balance DR/CR $o 5 6 ADVERTISING DESCRIPTION + 7 Account: 8 Date 9 0 DR CR GL NO: Balance $o DR/CR 1 2 3 Account: Date 5 26 7 CAR INSURANCE DESCRIPTION DR CR GL NO: Balance DR/CR SO + RENT DESCRIPTION OR CR 29 Account: 00 Date 21 2 GL. NO: Balance DR/CR 50 Sheet1 Account: TELEPHONE DESCRIPTION + Date GL NO: Balance DR CR DR/CR $O + Account: Date SALARY DESCRIPTION DR CR GL NO: Balance DR/CR $0 + 7 Account: 3 Date SUPPLIES DESCRIPTION DR CR GL NO: Balance $0 DR/CR 9 1 + + 2 3 Account: 4 Date GASOLINE DESCRIPTION DR CR GL NO: Balance SO DR/CR 5 O Sheet1 eady OBI B D E F G H A 22 23 Account: 24 Date 25 GASOLINE DESCRIPTION + DR CR GL NO: Balance SO DR/CR 26 27 28 29 Account: 30 Date 31 DEPRECIATION DESCRIPTION DR GL NO: Balance (DR or CR) CR SO 32 33 + 34 35 Account: 36 Date 37 38 INTEREST EXPENSE DESCRIPTION DR CR GL NO: Balance $0 DR/CR 39 In the Trial Balance, add the appropriate Hnal values for each account as a debitor a credit and the totals at the bottom should be the same 40 41 42 Trial Balance - Mar 31st 2020 Sheet1 du G178 X Fax 101 A B D E F G H In the Trial Balance, add the appropriate final values for each account as a debit or a credit and the totals at the bottom should be the same 340 CR 341 342 Trial Balance - Mar 31st 2020 343 ACCOUNT TITLES DR 344 CASH 345 ACCOUNTS RECEIVABLE (INSURANCE CLAIMS) 346 PREPAID CAR INSURANCE 347 DENTAL EQUIPMENT 348 Acc. Depreciation: DENTAL EQUIP. 349 ACCOUNTS PAYABLE 350 BANK LOAN 351 LINE OF CREDIT 352 CAPITAL (OWNERS EQUITY) 353 DRAWINGS - DITKA 354 REVENUE 355 INTEREST REVENUE 356 ADVERTISING 357 CAR INSURANCE 358 RENT 359 TELEPHONE 360 SALARY 3610 SUIDPLIES Sheet1 Ready 1 Bi A B D E F G 346 PREPAID CAR INSURANCE 347 DENTAL EQUIPMENT 348 Acc. Depreciation: DENTAL EQUIP 349 ACCOUNTS PAYABLE 350 BANK LOAN 351 LINE OF CREDIT 352 CAPITAL (OWNERS EQUITY) 353 DRAWINGS - DITKA 354 REVENUE 355 INTEREST REVENUE 356 ADVERTISING 357 CAR INSURANCE 358 RENT 359 TELEPHONE 360 SALARY 361 SUPPLIES 362 GASOLINE 363 DEPRECIATION 364 NTEREST EXPENSE 365 B66 SO SO Use the values from the Trial Balance to fill in the appropriate accounts in the three Financial Statements. Remember the order in which they should be prepapred to validate your data / 367 work. 368 JJB Lawyers & Sons JJB Lawyers & Sons 369 INCOME STATEMENT BALANCE SHEET 370 FOR THE MONTH ENDING MARCH 31, 2017 AS AT MARCH 31, 2017 371 Revenue Assets 372 Interest Revenue Cash 373 Total Revenue SO Accounts Receivable (Insurance Claim 374 Operating Expenses Prepaid Insurance 375 Advertising Dental Equipment 376 Car Insurance Accum. Depreciation (Dental Equip) 377 Rent 378 Telephone TOTAL ASSETS 379 Salary 380 Supplies Liabilities 381 Gasoline Accounts Payable 382 Depreciation Bank Loan 383 Interest Exp Line of Credit 384 Total Operating Expenses SO 385 Net Income (Loss) $0 Total Liabilities 386 387 owners Equity (Capital) Sheet1 $0 + 118 $0 Ready G H M N TOTAL LABILMES.OWNERS EQUITY $o 389 389 390 JJB Lawyers & Sons 391 STATEMENT OF OWNERS EQUITY 392 31-Mar-17 393 Opening Equity (Capital) 394 Add 395 Investments 396 Net Income 397 Subtotal 398 Less 399 Drawings 400 Closing Equity (Capital 401 402 SO SO SO