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P2-2B Alica Hiram is a licensed dentist During the first month of the operation of her business the following events and transactions occurred Hints: "Paid"+a decrease (Credit) to CASH. The other account (or accounts) MUST be debited (aince lotal debit amount MUST- total credit amount) If instead you you see "collected" or "received", the CASH H account is increased (debit). The other account (or accounts) MUST be credited (since total debit amount MUST total credit amount) The "chart of accounts' is the list of accoun use any other accounts (do not "make ts to be used in the problem (or in the business). Do not -up your own accounts like 'insurance used" which is NOT an account it is a description of the transaction The affected account would be INSURANCE EXPENSE if it is one of the choices listed in the "chart of accounts"). Stockholders invested $40,000 cash in exchange for common stock. 1 Hired a secretary-receptionist at a salary of $600 per week payable monthly 2 Paid office rent for the month $1,.700 3 Purchased dental supplies on account from Jennings Company $5,200. 10 Performed dental services and billed insurance companies $6,600. 11 Received $1.200 cash advance from Bob Carow for an implant. 20 Received $2,100 cash for dental services performed for Ryan Banks. April 1 30 30 Paid secretary-receptionist for the month $2,400. Paid $2,200 to Jennings Company for accounts payable due. 30 Paid $2,200 to Jennings Company for accounts payable due. (c) Prepare a trial balance on April 30, 2017. (Use the working papers below) In #3 the account SUPPLIES s used and NOT SUPPLY EXPENSE You only use the SUPPLY EXPENSE account if the transaction descnibed the 'using up" of the supplies Note - since you bought the 'supplies'" (whether for cash or on account is that is 'used up is recorded as a Supply Expense (You will see that in Chapter 3) in c 40,000 Co Stock 40,000 first Apr 1st Note that the written first. 10 indented about the red arrOw). Use this "real world" format for the entire 20 FYI: ALL accounts to be debited are listed first. 30 Then ALL of the to be credited are listed. EACH of account names are indented (b) The L to the R (the area blank in aW of these. In real world, you would see the journal for explanation of Accounts Receivable 10 Cr Apr. 3 30 Co Apr. 10 20 Apr. 30 Apr. 2 ed" or statem shared with anyone. Its' entire purpose if to prove that total debits (but if you ALICIA HIRAM, DENTIST Trial Balance April 30, 2017 Copy the "Bal" of EACH account. Make sure you put them in the Amounts Cash 37,000 (Do not indent any acct names). The total debit amount MUST equal the total credit amount. 52,900 is perfect! ALICIA HIRAM, DENTIST Income Statcment April 30, 2017 Statement is a Financial Statement which follows certain formats The first (left) appear under their appropriate categories (Revenues s where the account names and then Expenses) The "center and "right" column are NOT debit or equal the total credit amount. ALICIAHIRAM, DENTIST Income Statement April 30, 2017 The first (left) column is where the account names result