Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please answer according to format of table given thankyou Listed below are the transactions of Yasunari Kawabata, D.D.S., for the month of September (a mounts
please answer according to format of table given thankyou
Listed below are the transactions of Yasunari Kawabata, D.D.S., for the month of September (a mounts in thousands). Sept. 1 Kawabata begins practice as a dentist and invests 420,000 cash. 2 Purchases 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 Company paid $3,000 cash dividends 20 Receives 1980 from patients on account. 25 Bills patients 2,110 for services performed. 30 Pays the following expenses in cash: office salaries #1,800; miscellaneous office expenses Y85. 30 Dental supplies used during September, 330. 30 Prepare all necessary adjusting entries (if any are needed, f.e. depreciation) Instructions: Use Excel spreadsheet to complete the instructions below: (a) Enter the transactions shown above in appropriate general ledger accounts (use T-accounts). Use the following ledger accounts: Cash; Accounts Receivable; Supplies; Equipment; Accumulated Depreciation-Equipment: Accounts Payable; Share Capital- Ordinary: Service Revenue; Rent Expense; Office Expense; Salaries and Wages Expense; Supplies Expense; Depreciation Expense; and Income Summary, Retained Earnings. Allow 10 lines for the Cash and Income Summary accounts, and 5 lines for each of the other accounts needed. Record depreciation using a 5-year life on the equipment, the straight-line method, and no residual value. (b) Prepare a trial balance (c) Prepare an income statement, a retained earnings statement, and an un classified statement of financial position. (d) Close the ledger DATE TRANSACTION DEBET CREDIT 1-Sep 2-Sep 4-Sep 4-Sep 5-Sep 8-Sep 10-Sep 14-Sep 18-Sep 19-Sep 20-Sep 25-Sep 30-Sep 30-Sep 30-Sep Assets/Expenses/Dividends Beg. Bal Liabilities/Equity/Revenue Beg Bal End Bal End bal YASUNARY KAWABATA, D.D.S. INCOME STATEMENT FOR THE MONTH OF SEPTEMBER YASUNARY KAWABATA, D.D.S. RETAINED EARNINGS STATEMENT FOR THE MONTH OF SEPTEMBER N P R ca YASUNARY KAWABATA, D.D.S. STATEMENT OF FINANCIAL POSITION SEPTEMBER 30 YASUNARY KAWABATA, D.D.S. TRIAL BALANCE _SEPTEMBER 30 ACCOUNT DEBET CREDIT TOTALS 0Step 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