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List below are the transactions of Yasunari Kawabata, D..D.S, for the moneth of September. Sept. 1 2 Transaction data for normal Journal Entries Kawabata
List below are the transactions of Yasunari Kawabata, D..D.S, for the moneth of September. Sept. 1 2 Transaction data for normal Journal Entries Kawabata begins practice as a dentist and invests $20,000 cash. Purchases dental equipment on account from Green Jacket Co. for $17.280. Pays rent for office space, $680 for the month. Employs a receptionist, Michael Bradley. Purchases dental supplies for cash, $942. Receives cash of $1,690 from patients for services performed. 4 8 10 Pays miscellaneous office expenses, $430. 14 Bills patients $5,820 for services performed. 18 Pays Green Jacket Co. on account, $3,600 19 20 25 30 Withdraws $3,000 cash from the business for personal use. Receives $980 from patients on account. Bills patients $2.110 for services performed Pays the following expenses in cash: salaries and wages $1,800 miscellaneous office expenses $85. Transaction data for adjusting Journal Entries 30 Dental supplies on hand at September 30 amounted to $612. 30 Record monthly depreciation using a 5-year life on the equipment, the straight-line method, and no salvage value Project Requirements (a) Record the above transactions in a general journal including adjusting entries and post to ledgers (b) Enter the transactions shown above in appropriate general ledger accounts (use T-accounts). Use the following ledger accounts: Cash, Accounts Receivable Supplies. Equipment, Accumulated Depreciation-Equipment, Accounts Payable, 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 5 lines 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 (c) Prepare a trial balance. (d) Prepare an income statement, a statement of owner's equity, and an unclassified balance sheet. (e) Prepare closing entires and post to the ledgers. (f) Prepare a post-closing trial balance.
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