Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Pearly Whites is a dental practice owned and operated by Dr. Phil Ling. The journal entries listed below for the month of May 2020 have
"Pearly Whites" is a dental practice owned and operated by Dr. Phil Ling. The journal entries listed below for the month of May 2020 have already been completed. Required Post the General Journals recorded below to the General Ledgers provided on the following pages. Remember to foot (balance) each ledger to determine the closing balance (refer to hints below). Hints to assist in completing the ledgers: Opening balances hove been provided in some of the ledgers - DO NOT delete these. The ledgers are formatted using tobles therefore it is best to navigate through the ledgers using the "tab' function When using tables, it is often easier to click on the "t" function in the menu so you can easily see the formatting. It is acceptoble to shorten the account names in descriptions i.e. Cosh at Bank = CAB the balonce must be made clear either by way of 'c/d"/b/d' notation, the wording 'balonce' next to the amount, highlighting the balance or with a circle around the balance. Date Details Debit (S) Credit ($) 2020 1 May 32,700 7,600 Cash at Bank Office Equipment Capital - P. Ling Copital contribution by the owner, P. Ling 40,300 5 May 127,800 Dental Equipment Cash at Bank Loan Purchase of dental equipment 25,000 102,800 11 May 375 Drawings Cash at Bank Poyment of personal medical bill by owner 375 15 May 4,250 Loan Cash at Bank Loan repayment 4,250 25 May 12,600 Cash at Bank Accounts Receivable Receipt of credit sales from April 2020 12,600
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started