Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Listed below are the transactions of Yasunari Kawabata, D.D.S., for the month of September. Sept. 1. Kawabata begins practice as a dentist and invests $20,000cash.

Listed below are the transactions of Yasunari Kawabata, D.D.S., for the month of September.

Sept. 1. Kawabata begins practice as a dentist and invests $20,000 cash.

1 . Purchases a one-year insurance policy for $1,200, paying the entire amount in cash.

2 . Purchases dental equipment on account from Green Jacket Co. for $17,280.

2 . Collects $3,000 prepayment from patient for 2 year orthodontic treatment plan.

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 $1,690 from patients for services performed.

10. Pays miscellaneous office expenses, $430.

14 . Bills patients $5,820 for services performed.

18 . Pays Green Jacket Co. on 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 expenses in cash: Salaries and wages $1,800; miscellaneous office expenses $85. (Record each separately.)

30 . Dental supplies used during September, $330.


Required


Record depreciation using a 5-year life on the equipment, the straight-line method, and no salvage value. 

 

Enter the transactions shown above in appropriate general ledger accounts (use T-accounts in Excel). Groups may create their own Excel spreadsheet.

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_2

Step: 3

blur-text-image_3

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

Financial Accounting Information for Decisions

Authors: John J. Wild

8th edition

125953300X, 978-1259533006

More Books

Students also viewed these Accounting questions

Question

=+a) What assumptions and/or conditions are violated by this model?

Answered: 1 week ago