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need create journal entry (also provide all formulas) Sept. 1 Kawabata begins practice as a dentist, invests $20,000 cash, and issues 2,000 shares of $10
need create journal entry (also provide all formulas)
Sept. 1 Kawabata begins practice as a dentist, invests $20,000 cash, and issues 2,000 shares of $10 par stock. 2. 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 $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 Pays a dividend of $3,000cash. 20 Recelves $980 from pabents 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. 30 Dental supplies used during September, $330. 30 Depreciation of dental equipment purchased on September 2nd Instruction 1. Creato journal entrits for the above transactions Use proper account names listed below (part a) a. Enter the transactions shown above in appropriate general ledger accounts (use T-acoounts). Use the following ledger aocounts: Cash, Accounts Receivable, Supplies, Equipment, Aocumulated Depreciation-Equipment, Accounts Payable, Common Stock, Retained Eamings, Dividends, Service Revenue, Rent Expense, Ofice Expense, Salaries and Wages Expense, Supplies Expense, Depreciation Expense, and income Summary. Record depreciation using a 5 -year lfe on the equipment, the straight-ine method, and no salvage value. Do not use a drawing account, Use cell referencing from the Journal entries (Part 1) Into the Ledger (part a \& d) for full credit; do not "hard-key" in account entries Step by Step Solution
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