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Question 4 Presented here is information for Dana Dental Services (DDS) for the year ended December 31, 2019. Not yet DDS answered Marked out of 3.00 P Flag question Beginning: Assets = KD50,000; Liabilities = KD20,000. Ending: Assets = KD70,000; Liabilities = KD35,000. Owner's Equity Contributions: KDO. Withdrawals: KD40,000. Revenues: KD230,000. Expenses: KD185,000. Requirements: 1. What is the beginning owner's equity of DDS? 2. What is the ending owner's equity of DDS? 3. What is the net income or net loss for the year? Question 6 Dana Dental Services (DDS) opened its clinic in Salmiya. The following transactions took place in November Not yet answered Marked out of 5.00 1. Dana invested KD30,000 cash in a business bank account to start the clinic. 2. Purchased medical supplies on account, KD10,000. 3. Paid monthly office rent of KD4,000. 4. Provided KD5,000 of dental services to patients. Collected cash of KD2,000 for these services and the remainder is still outstanding (not collected). Flag question Requirements 1. Record the transactions in the journal. 2. Present the Cash account (T account) with all transactions posted and the balance calculated. 1 A- B I Fr T. Question 7 Not yet answered Using the following information prepare the closing entries for the business entity: Capital 21,600.00 Service Revenue 110,000.00 Marked out of 3.00 Unearned Revenue P Flag question 1,300.00 Salary Expense 12,500.00 Accumulated depreciation Supplies Expense 35,000.00 1,700.00 Interest Expense 2,200.00 Accounts Receivable 14,000.00 Salary Payable 800.00 Depreciation Expense 10,200.00 Rent Expense 5,900.00 Withdrawals 40,000.00 Supplies 1,400.00 depreciation Supplies Expense 35,000.00 1,700.00 Interest Expense 2,200.00 Accounts Receivable 14,000.00 Salary Payable 800.00 Depreciation Expense 10,200.00 Rent Expense 5,900.00 Withdrawals 40,000.00 Supplies 1,400.00 1 A B I FI 2 Question 12 Not yet answered The Dana Drafting Services (DDS) have the following balances at December 31, 2019. Dana, the owner, invested KD15,000 in the business. Prepare the income statement and the balance sheet as at December 31, 2019. Marked out of 5.00 P Flag question Office Furniture 56,000.00 Utilities Expense 6,800.00 Accounts Payable 3,300.00 Capital 27,100.00 161,200.00 Service Revenue Accounts Receivable 9,000.00 Supplies Expense 4,000.00 Note Payable 41,000.00 Rent Expense 24,000.00 Cash 3,600.00 Office Supplies 4,800.00 Salary Expense 60,000.00 Salaries Payable 2,000.00 Capital 27,100.00 161,200.00 Service Revenue Accounts Receivable 9,000.00 Supplies Expense 4,000.00 Note Payable 41,000.00 Rent Expense 24,000.00 Cash 3,600.00 Office Supplies 4,800.00 Salary Expense 60,000.00 Salaries Payable 2,000.00 Property Tax Expense 1,200.00 1 A B I T. $3 Question 13 Not yet answered Marked out of 4.00 Journalize the adjusting entry needed on December 31, the end of the current accounting year, for each of the following independent cases. No adjustments were made during the year. 1. The balance in Prepaid Insurance is KD3,600. The payment was made on March 1. 2. Employees are paid each Thursday. The amount of weekly payroll is KD5,000. December 31 is a Tuesday. 3. The business borrowed KD10,000 at interest of 6% per year. The loan was contracted on June 30. 4. The beginning balance of Supplies was KD1,600. During the year, it purchased supplies for KD4,900, and at December 31 the supplies on hand total KD2,000. Flag question 1 A B 1 Ff PA
