Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help me with part (a) AND (d) Listed below are the transactions of Yasunari Kawabata, D.D.S. for the month of September Sept. 1 Kawabata

image text in transcribed
image text in transcribed
Please help me with part (a) AND (d) Listed below are the transactions of Yasunari Kawabata, D.D.S. for the month of September 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 Bils patients $5,820 for services performed. 18 Pays Green Jacket Co. on account, $3,600. 19 Pays a dividend of $3,000 cash. 20 Recelves $980 from patients on account. 25 Bils patients $2,110 for services performed. 30 Pays the following expenses in cash: salaries and wages S1,800, miscellaneous office expenses $85. 30 A physical count was taken and dental supplies on hand were $812 30 Depreciation of dental equipment purchased on September 2nd was taken. Instructions 1. Create journal entries 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-accounts). Use the following ledger accounts: Cash, Accounts Receivable, Supplies, Equipment, Accumulated Depreciation Equipment, Accounts Payable, Common Stock, Retained Earnings, Dividends, Service Revenue, Rent Expense, Office Expense, Salaries and Wages Expense, Supplies Expense, Depreciation Expense, and Income Summary. Record depreciation using a 5-year life on the equipment, the straight- line method, and no salvage value. Do not use a drawing account. b. Prepare a trial balance. c. Prepare an income statement, a retained earnings statement, and an unclassified balance sheet. d. Close the ledger. e. Prepare a post-closing trial balance. (a) and General Ledger 30 points max CASH EQUIPMENT COMMON STOCK ACCOUNTS PAYABLE ACCOUNTS RECEIVABLE SERVICE REVENUE RENT EXPENSE SUPPLIES ACCUMULATED DEPRECIATION EQUIPMENT OFFICE EXPENSE DEPRECIATION EXPENSE INCOME SUMMARY SALARIES AND WAGES EXPENSE SUPPLIES EXPENSE DIVIDENDS RETAINED EARNINGS

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

The Audit Process Principles Practice And Cases

Authors: Iain Gray, Stuart Manson

5th Edition

1408030497, 9781408030493

More Books

Students also viewed these Accounting questions