Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I'm having a lot of trouble closing the ledger and doing the post closing trial balance. Please help and explain. I thought my answers were

I'm having a lot of trouble closing the ledger and doing the post closing trial balance. Please help and explain.

image text in transcribed

I thought my answers were right but now I'm not sure.

138 Chapter 3 The Accounting Information System PROBLEMS P3-1 (L02,4,5) (Transactions, Financial Statements-Service Company) Listed below are the transactions of Yasunari Kawa bata, D.D.S., for the month of September. Kawabata begins practice as a dentist and invests $20,000 cash. 2 Sept. 1 Purchases dental equipment on account from Green Jacket Co. for $17.280 4 Pays rent for office space, $680 for the month 4 Employs a receptionist, Michael Bradley 5 Purchases dental supplies for cash, $942 8 Receives cash of S180 from patients for services performed. 10 Pays miscellaneous office expenses, 5430 14 Bils patients $5,820 for services performed. 18 Pays Green Jacket Co. an account, $3,600. 19 Withdraws $3,000 cash from the business for personal use 20 Receives $980 from patients on account 25 Bills patients $2,110 for services performed. 30 Pays the following experses in cash: salaries and wages $1,800, mscellareous office 30 Dental supplies used during September, $330 expenses 585 Instructions (a) Enter the transactions shown above in appropriate general ledger accounts (use T-accounts). Use the following ledges Pay accounts: Cash, Accounts Receivable, Supplies, Equipment, Accumulated Depreciation-Equipment, Accounts able, Owner's Capital, Service Revenue, Rent Expense, Office Expense, Salaries and Wages Expense, Supplies Expense, Depreciation Expense, and Income Summary. Allow 10 lines for the Cash and Income Summary accounts, and for each of the other accounts needed. Record depreciation using a 5-year life on the equipment, the straight-line method, and no salvage value. Do not use a drawing account. (b) Prepare a trial balance. (c) Prepare an income statement, a statement of owner's equity, and an unclassified balance sheet. (d) Close the ledger e) Prepare a post-closing trial balance. pa-2 (L03,4) EXCEL Adjusting Entries and Financial Statements) Mas Advertising was founded in January 2013. f December 31, 2017

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

Practical Guide To Auditing SAP Systems

Authors: Martin Metz, Sebastian Mayer

1st Edition

3960126409, 978-3960126409

More Books

Students also viewed these Accounting questions

Question

Challenges Facing Todays Organizations?

Answered: 1 week ago