Harold Johnson, a dentist, opened an office on June 1, 20XX. During the month, he completed the following transactions connected with his professional practice. Make entries in T accounts for the following:

Cash

Prepaid Insurance

Rent Expense

Accounts Receivable

Accounts Payable

Salary Expense

Dental Supplies

Notes Payable

Miscellaneous Expense

Office Supplies

Harold Johnson, Withdrawals

Utilities Expense

Dental Equipment

Harold Johnson, Capital

Office Equipment

Dental Fees Revenue

June 1 He transferred cash from a personal bank account to an account to be used for the business, $26,450.

June 2 He paid June rent for office and work space, $3,500.

June 3 He bought dental equipment for $32,000, paid $8,800 cash and gave a note payable for the remainder.

June 5 He bought office equipment by charging (on account), $3,600.

June 6 He paid cash for office supplies, $2,240.

June7 He paid cash for annual insurance policies, $3,690.

June8 He received cash from 2 clients for teeth implants, $10,000.

June 9 He paid cash for miscellaneous expenses, $89.

June 10 He paid cash to the creditor of the dental equipment on June 5, $1,800

June 11 He paid his first note on the dental equipment, $2,950.

June 12 He received invoice for dental supplies such as gauze and tooth paste, due next month, $1,840. Ken plans to pay it in July. What principle requires us to record this transaction now?

June 13 He billed a client for a mouth overhaul, $6,500. The client is a great client but wont pay until July. What principle requires us to record this transaction now?

June 14 He paid us, his accountant and receptionist for the first half of the month, $3,300.

June 26 He paid the utility bill, $1,750.

June 28 Harold withdrew $2,500 from the business for personal use.

July 31 Harold paid us, his accountant and receptionist for the second half of the month, $3,300