{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-09-12T00:06:12-04:00", "answer_date": "2024-09-12 00:06:12", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "10326957", "url": "\/study-help\/questions\/louis-dixon-a-dentist-resigned-from-his-position-with-a-10326957", "question_creation_date_js": "2024-09-12T00:06:12-04:00", "question_creation_date": "Sep 12, 2024 12:06 AM", "meta_title": "[Solved] Louis Dixon, a dentist, resigned from his | SolutionInn", "meta_description": "Answer of - Louis Dixon, a dentist, resigned from his position with a larger dental group in order to begin his own pediatric dent | SolutionInn", "meta_keywords": "louis,dixon,dentist,resigned,position,larger,dental,group,order,pediatric,practice,organized", "question_title_h1": "Louis Dixon, a dentist, resigned from his position with a larger dental group in order to begin his own pediatric dental practice. The practice was", "question_title": "Louis Dixon, a dentist, resigned from his position with a larger dental", "question_title_for_js_snippet": "Louis Dixon, a dentist, resigned from his position with a larger dental group in order to begin his own pediatric dental practice The practice was organized as a sole proprietorship, called Louis Dixon Pediatric Dentistry The business transactions during September while the new venture was being organized are listed below Sept 1 Dixon opened a bank account in the name of the business by depositing $50,000 cash, which he had saved over a number of years 2 Sept 10 Purchased a small office building located on a large lot for a total price of $182,400, of which $106,000 was applicable to the land and $76,400 to the building A cash payment of $36,500 was made and a note payable was issued for the balance of the purchase price 3 Sept 15 Purchased a microcomputer system from Computer Stores, Inc, for $4,680 cash 4 Sept 19 Purchased office furnishings, including dental equipment, from Turnkey Operations, Inc , at a cost of $5,760 A cash down payment of $960 was made, the balance to be paid in three equal installments due September 28, October 28 and November 28 The purchase was on open account and did not require signing of a promissory note 5 Sept 26 A $140 monitor in the microcomputer system purchased on September 15 stopped working The monitor was returned to Computer Stores, Inc , which promised to refund the $140 within five days 6 Sept 28 Paid Turnkey Operations, Inc , $1,600 cash as the first installment due on the account payable for office furnishings 7 Sept 30 Received $140 cash from Computer Stores, Inc , in full settlement of the account receivable created on September 26 Prepare journal entries to record the above transactions ", "question_description": "

Louis Dixon, a dentist, resigned from his position with a larger dental group in order to begin his own pediatric dental practice. The practice was organized as a sole proprietorship, called Louis Dixon Pediatric Dentistry. The business transactions during September while the new venture was being organized are listed below;<\/p>

Sept.1<\/strong> Dixon opened a bank account in the name of the business by depositing $50,000 cash, which he had saved over a number of years. 2. Sept. 10 Purchased<\/strong> a small office building located on a large lot for a total price of $182,400, of which $106,000 was applicable to the land and $76,400 to the building. A cash payment of $36,500 was made and a note payable was issued for the balance of the purchase price. 3. Sept. 15 Purchased<\/strong> a microcomputer system from Computer Stores, Inc, for $4,680 cash. 4. Sept. 19 Purchased<\/strong> office furnishings, including dental equipment, from Turnkey Operations, Inc., at a cost of $5,760. A cash down payment of $960 was made, the balance to be paid in three equal installments due September 28, October 28 and November 28. The purchase was on open account and did not require signing of a promissory note. 5. Sept. 26 A<\/strong> $140 monitor in the microcomputer system purchased on September 15 stopped working. The monitor was returned to Computer Stores, Inc., which promised to refund the $140 within five days. 6. Sept. 28 Paid<\/strong> Turnkey Operations, Inc., $1,600 cash as the first installment due on the account payable for office furnishings. 7. Sept. 30 Received<\/strong> $140 cash from Computer Stores, Inc., in full settlement of the account receivable created on September 26. <\/p>

<\/p>

<\/p>

Prepare journal entries to record the above transactions.<\/p>", "transcribed_text": "", "related_book": { "title": null, "isbn": null, "edition": null, "authors": null, "cover_image": null, "uri": null, "see_more_uri": "" }, "free_related_book": { "isbn": "", "uri": "", "name": "", "edition": "" }, "question_posted": "2024-09-12 00:06:12", "see_more_questions_link": "\/study-help\/questions\/business-banking-2021-September-12", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/positive-psychology\/dr-jenkins-is-a-psychologist-who-works-with-corporations-and-1998410", "description": "Dr. Jenkins is a psychologist who works with corporations and organizations to help them with hiring decisions and provide advice about the best ways for managers to supervise employees. Dr. Jenkins...", "stars": 0 }, { "url": "\/study-help\/questions\/iii-columns-store-measure-names-e-rows-measure-values-operating-56250", "description": "iii Columns Rows Value Operating Cash Flow: Discount Goods vs. Big Store 30K 25K 20K 15K 10K SK OK Store Measure Values 31,530 27,389 28,564 23,257 Measure Names Big Store 25,591 24,255 23,643 26,249...", "stars": 3 }, { "url": "\/study-help\/questions\/louis-dixon-a-dentist-resigned-from-his-position-with-a-10326957", "description": "Louis Dixon, a dentist, resigned from his position with a larger dental group in order to begin his own pediatric dental practice. The practice was organized as a sole proprietorship, called Louis...", "stars": 3 }, { "url": "\/study-help\/questions\/factor-company-is-planning-to-add-a-new-product-to-7282110", "description": "Factor Company is planning to add a new product to its line. To manufacture this product, the company needs to buy a new machine at a $860,000 cost with an expected four-year life and a $58.000...", "stars": 3 }, { "url": "\/study-help\/questions\/crane-company-estimates-that-2022-sales-will-be-32000-in-1007853", "description": "Crane Company estimates that 2022 sales will be $32,000 in quarter 1, $38,400 in quarter 2, and $46,400 in quarter 3. Cost of goods sold is 50% of sales. Management desires to have ending merchandise...", "stars": 3 }, { "url": "\/study-help\/questions\/a-company-that-is-implementing-dynamics-365-is-enrolled-in-999752", "description": "A company that is implementing Dynamics 365 is enrolled in the FastTrack program. The company wants to know at which point the Microsoft FastTrack Architect disengages. At which point does the...", "stars": 3 }, { "url": "\/study-help\/questions\/explain-main-takeaways-from-project-management-course-in-article-explain-995133", "description": "Explain main takeaways from project management course in article. Explain highs and lows, your enthusiasm or anxiety about a career in project management, and any key concepts or growth you've...", "stars": 3 }, { "url": "\/study-help\/questions\/write-tactics-use-bullets-for-how-your-client-should-use-1005444", "description": "Write tactics (use bullets) for how your client should use social media advertising, not limited to Facebook (consider Twitter and other social networks you're familiar with). You should be able to...", "stars": 3 }, { "url": "\/study-help\/questions\/define-f-x-ln-x-and-g-1006333", "description": "Define f ( x ) = ln x and g ( x ) = 3 + 2 x - x ^ 2 . A ) Plot f ( x ) and g ( x ) for 0 . 5 \n \n \n \n Answered: 1 week ago", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/sarasotas-delivery-company-and-bridgeports-express-delivery-exchanged-delivery-trucks-10326956", "next": "\/study-help\/questions\/professor-wendy-smith-has-been-offered-the-following-deal-a-10326958" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": "Louis Dixon, a dentist, resigned from his position with a larger dental", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/louis-dixon-a-dentist-resigned-from-his-position-with-a-10326957" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } } } }