Listed below are transactions of Zachary McDaniel, DDS since opening his practice in September 2018 Sept 1 McDaniel begins a practice as a dentist and invests $40,000 cash Sept 2 Purchases dental equipment on account from Green Jacket Co for $17,280, 5 year useful life, straight line method Sept 4 Pays rent for office space, $680 for the month Sept 4 Employs a receptionist, Michael Bradley Sept 5 Purchases dental supplies for cash $942 Sept 8 Receive cash of $1,690 from patients for services performed Sept 10 Pays miscellaneous office expenses, $430 Sept 14 Bills patients $5,820 for services performed Sept 18 Pays Green Jacket Co on account, $3,600 Sept 19 Withdraws $3,000 cash from the business for personal use Sept 20 Receives $980 from patients on account Sept 25 Bills patients $2,110 for services performed Sept 30 Pays the following expenses in cash Salaries and wages $1,800 miscellaneous office expenses $85 Sept 30 Dental Supplies used during September, $330 Sept 30 Receives $120 in interest income on deposit accounts Sept 30 Reserve for Uncollected Receivables of $500 Sept 30 Prepares Closing Entries for Sept Oct 1 Purchases dental equipment w cash from Smiling Teeth for 12,000, 5 year useful life, straight line method Oct 2 Pays rent for office space, $680 for the month Oct 5 Receives $650 from patients on account Oct 5 Purchases dental supplies for cash $743 Oct 8 Receive cash of $1,225 from patients for services performed Oct 10 Pays miscellaneous office expenses, $230 Oct 12 Bills patients $5,620 for services performed Oct 15 Pays Green Jacket Co on account, $3,500 Oct 15 Withdraws $4,000 cash from the business for personal use Oct 20 Receives $1,080 from patients on account Oct 25 Bills patients $4,110 for services performed Oct 30 Pays the following expenses in cash Salaries and wages $1,800 miscellaneous office expenses $125 Oct 31 Dental Supplies used during September, $425 Oct 31 Receives $65 interest income on deposit accounts Oct 31 Reserve for Uncollectible Accounts of $750 00 Oct 31 Accounts deemed uncollectible of $75 Oct 31 Prepares Closing Entries for Oct Nov 1 Maintenance on equipment of $125, paid w cash Nov 1 Invests in Research Development with other dentists of $2,500 on account Nov 2 Pays rent for office space, $680 for the month Nov 5 Receives $2,510 from patients on account Nov 5 Purchases dental supplies for cash $325 Nov 8 Receive cash of $2,225 from patients for services performed Nov 10 Pays miscellaneous office expenses, $310 Nov 12 Bills patients $5,125 for services performed Nov 15 Pays Green Jacket Co remaining balance Nov 15 Withdraws $2,500 cash from the business for personal use Nov 20 Receives $8,180 from patients on account Nov 25 Bills patients $3,875 for services performed Nov 30 Pays the following expenses in cash Salaries and wages $1,800 miscellaneous office expenses $95 Nov 30 Dental Supplies used during September, $625 Nov 30 Receives $54 interest income on deposit accounts Nov 30 Reserve for Uncollectible Accounts of $1,250 Nov 30 Accounts deemed uncollectible of $87 Nov 30 Prepares Closing Entries for Nov Dec 1 Maintenance on equipment of $55, paid on account Dec 1 Invests in Research Development with other dentists of $1,200 on account Dec 1 Pays $1,500 on R D payable Dec 2 Pays rent for office space, $680 for the month Dec 5 Receives $3,125 from patients on account Dec 5 Purchases dental supplies for cash $525 Dec 8 Receive cash of $3,575 from patients for services performed Dec 10 Pays miscellaneous office expenses, $175 Dec 12 Bills patients $4,975 for services performed Dec 20 Receives $6,757 from patients on account Dec 25 Bills patients $4,125 for services performed Dec 30 Pays the following expenses in cash Salaries and wages $1,900 miscellaneous office expenses $45 Dec 31 Dental Supplies used during September, $415 Dec 31 Receives $26 interest income on deposit accounts Dec 31 Reserve for Uncollectible Accounts of $1,450 Dec 31 Accounts deemed uncollectible of $186 Dec 31 Prepares Closing Entries for Dec Instructions Enter the transactions shown above in appropriate general ledger accounts (i e T Accounts) Use the following ledger accounts Cash, Accounts Receivable, Allowance for Uncollectible A R, Supplies, Equipment, Accumulated Depreciation Equipment, Accounts Payable, Owners Capital, Revenue, Interest Income, Salaries Wages Expense, Rent Expense, Repairs Maintenance Exp, Research Development Expense, Office Expenses, Supplies Expense, Depreciation Expense, Bad Debt Expense, and other applicable accounts Prepare a trial balance for each month end cutoff

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Posted on Jul 16, 2024

Listed below are transactions of Zachary McDaniel, DDS since opening his practice in September 2018. Sept. 1 McDaniel begins a practice as a dentist and

Listed below are transactions of Zachary McDaniel, DDS since opening his practice in September 2018.

Sept. 1	McDaniel begins a practice as a dentist and invests $40,000 cash
Sept. 2	Purchases dental equipment on account from Green Jacket Co. for $17,280, 5 year useful life, straight line method.
Sept. 4	Pays rent for office space, $680 for the month.
Sept. 4	Employs a receptionist, Michael Bradley.
Sept. 5	Purchases dental supplies for cash $942.
Sept. 8	Receive cash of $1,690 from patients for services performed.
Sept. 10	Pays miscellaneous office expenses, $430.
Sept. 14	Bills patients $5,820 for services performed.
Sept. 18	Pays Green Jacket Co. on account, $3,600.
Sept. 19	Withdraws $3,000 cash from the business for personal use.
Sept. 20	Receives $980 from patients on account.
Sept. 25	Bills patients $2,110 for services performed.
Sept. 30	Pays the following expenses in cash. Salaries and wages $1,800; miscellaneous office expenses $85.
Sept. 30	Dental Supplies used during September, $330
Sept. 30	Receives $120 in interest income on deposit accounts.
Sept. 30	Reserve for Uncollected Receivables of $500
Sept. 30	Prepares Closing Entries for Sept.

Oct. 1	Purchases dental equipment w/ cash from Smiling Teeth for 12,000, 5 year useful life, straight line method.
Oct. 2	Pays rent for office space, $680 for the month.
Oct. 5	Receives $650 from patients on account.
Oct. 5	Purchases dental supplies for cash $743.
Oct. 8	Receive cash of $1,225 from patients for services performed.
Oct. 10	Pays miscellaneous office expenses, $230.
Oct. 12	Bills patients $5,620 for services performed.
Oct. 15	Pays Green Jacket Co. on account, $3,500.
Oct. 15	Withdraws $4,000 cash from the business for personal use.
Oct. 20	Receives $1,080 from patients on account.
Oct. 25	Bills patients $4,110 for services performed.
Oct. 30	Pays the following expenses in cash. Salaries and wages $1,800; miscellaneous office expenses $125.
Oct. 31	Dental Supplies used during September, $425
Oct. 31	Receives $65 interest income on deposit accounts.
Oct. 31	Reserve for Uncollectible Accounts of $750.00
Oct. 31	Accounts deemed uncollectible of $75
Oct. 31	Prepares Closing Entries for Oct.

Nov. 1	Maintenance on equipment of $125, paid w/ cash.
Nov. 1	Invests in Research & Development with other dentists of $2,500 on account
Nov. 2	Pays rent for office space, $680 for the month.
Nov. 5	Receives $2,510 from patients on account.
Nov. 5	Purchases dental supplies for cash $325.
Nov. 8	Receive cash of $2,225 from patients for services performed.
Nov. 10	Pays miscellaneous office expenses, $310.
Nov. 12	Bills patients $5,125 for services performed.
Nov. 15	Pays Green Jacket Co. remaining balance.
Nov. 15	Withdraws $2,500 cash from the business for personal use.
Nov. 20	Receives $8,180 from patients on account.
Nov. 25	Bills patients $3,875 for services performed.
Nov. 30	Pays the following expenses in cash. Salaries and wages $1,800; miscellaneous office expenses $95.
Nov. 30	Dental Supplies used during September, $625
Nov. 30	Receives $54 interest income on deposit accounts.
Nov. 30	Reserve for Uncollectible Accounts of $1,250
Nov. 30	Accounts deemed uncollectible of $87
Nov. 30	Prepares Closing Entries for Nov.

Dec. 1	Maintenance on equipment of $55, paid on account.
Dec. 1	Invests in Research & Development with other dentists of $1,200 on account
Dec. 1	Pays $1,500 on R&D payable.
Dec. 2	Pays rent for office space, $680 for the month.
Dec. 5	Receives $3,125 from patients on account.
Dec. 5	Purchases dental supplies for cash $525.
Dec. 8	Receive cash of $3,575 from patients for services performed.
Dec. 10	Pays miscellaneous office expenses, $175.
Dec. 12	Bills patients $4,975 for services performed.
Dec. 20	Receives $6,757 from patients on account.
Dec. 25	Bills patients $4,125 for services performed.
Dec. 30	Pays the following expenses in cash. Salaries and wages $1,900; miscellaneous office expenses $45.
Dec. 31	Dental Supplies used during September, $415
Dec. 31	Receives $26 interest income on deposit accounts.
Dec. 31	Reserve for Uncollectible Accounts of $1,450
Dec. 31	Accounts deemed uncollectible of $186
Dec. 31	Prepares Closing Entries for Dec.

Instructions:

Enter the transactions shown above in appropriate general ledger accounts (i.e. T-Accounts). Use the following ledger accounts: Cash, Accounts Receivable, Allowance for Uncollectible A/R, Supplies, Equipment, Accumulated Depreciation Equipment, Accounts Payable, Owners Capital, Revenue, Interest Income, Salaries/Wages Expense, Rent Expense, Repairs & Maintenance Exp, Research & Development Expense, Office Expenses, Supplies Expense, Depreciation Expense, Bad Debt Expense, and other applicable accounts.
Prepare a trial balance for each month-end cutoff.