Project

Automated

Sections Type # of Questions Marks

Journal $57$

G$/$L Accounts $68$

Trial Balance $20$

Income Statement $13$

Statement of Owners Equity $6$

Balance Sheet $12$

TOTAL $176$

Name:

Once complete, submit as instructed.

Transfer the Opening entries from the Balance Sheet to the Ledger opening balances $($ledger account add numbers as you go$).$

Using Accounting practices Learned $-$ use the transactions below to: Create Journal Entries; Post from the Journal to the Ledgers; Create a Trial Balance from the finished ledgers; create Financial Statements from the Trial Balance.

All date, Account, and Ledger number fields have dropdown menus.

The opening balances for the month of March are as follows:

Ditka Dental

Balance Sheet

As at February $28,2020$

Assets Liabilities

CASH in BANK $$8,200$ ACCOUNTS PAYABLE $$7,350$

ACCOUNTS RECEIVABLE $($INSURANCE$)$ $$6,250$ BANK LOAN $$2,800$

PREPAID INSURANCE $$2,500$ LINE OF CREDIT $$22,500$

DENTAL EQUIPMENT $$80,000$

Acc. Depreciation $-$ DENTAL EQUIPMENT $($$$10,000)$ Total Liabilities $$32,650$

Capital $($Owners Equity$)$ $$54,300$

Total Assets $$86,950$ Total Liabilities and Owners' Equity $$86,950$

Transactions for the month of March:

Mar $1$ Owner deposited personal cash into the business bank account $$5,200$

Mar $2$ Owner borrowed cash for the business and deposited in bank $$6,500$

Mar $3$ Bought Dental X$-$ray Machine from cash in bank $$10,000$

Mar $4$ Deposit cash for Client services in Bank $($from AR$)$ $$4,800$

Mar $5$ Paid rent for the month $($wrote cheque from bank$)$ $$2,850$

Mar $6$ Paid salaries from bank account $($wrote cheques$)$ $$975$

Mar $8$ Paid back a portion of the accounts payable $($etransfer from bank$)$ $$1,000$

Mar $9$ Received interest on the bank account $$15$

Mar $12$ Purchased supplies on account $($expense them$)$ $$250$

Mar $14$ Deposited cash from customer to settle their account $$900$

Mar $16$ Purchased gasoline for the company using line of credit $$750$

Mar $19$ Sold services on account receivable $($Insurance claims$)$ $$2,250$

Mar $22$ Car insurance used this period $-($from prepaid$)$ $$600$

Mar $26$ Received an advertising bill that will be paid next month $$320$

Mar $28$ Paid bank loan principle $($from business account$)$ $$350$

Mar $28$ Paid line of credit $($from business account$)$ $$500$

Mar $29$ Paid interest on the bank loan$/$line of credit $($from business account$)$ $$375$

Mar $30$ Owner withdrew cash for personal use from bank $$1,425$

Mar $31$ Recognized one month of depreciation $$475$

The Chart of Accounts $($GL no$.)$ is shown below:

Account Description Account # Account Description Account #

ASSETS $-$ CATEGORY $1$ REVENUE $-$ CATEGORY $4$

CASH $101$ REVENUE $400$

ACCOUNTS RECEIVABLE $($INSURANCE$)110$ INTEREST REVENUE $410$

PREPAID CAR INSURANCE $112$ EXPENSES $-$ CATEGORY $5$

DENTAL EQUIPMENT $120$

Acc. Depreciation Dental Equipment $121$ ADVERTISING $505$

LIABILITIES $-$ CATEGORY $2$ CAR INSURANCE $510$

ACCOUNTS PAYABLE $200$ RENT $520$

BANK LOAN $210$ TELEPHONE $530$

LINE OF CREDIT $220$ SALARY $540$

SUPPLIES $545$

OWNER'S EQUITY $-$ CATEGORY $3$ GASOLINE $550$

CAPITAL $($Owners Equity$)300$ DEPRECIATION $560$

DRAWINGS $310$ INTEREST EXPENSE $570$

Required:

a$)$ Journalize the transactions $($with dates and descriptions$).$

b$)$ Post the transactions to the general ledger.

c$)$ Prepare the financial statements in the worksheets provided.

General Journal

In the Journal Section, pick a date, the account, GL number from dropdowns $-$ Debit and Credit amounts must be typed in$.$

DATE DESCRIPTION

GL NO$.$ DR CR