SectionsType

# of Questions

Marks Journal 57 G/L Accounts 68 Trial Balance 20 Income Statement 13 Statement of Owners Equity 6Balance Sheet 12TOTAL176Name: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 DentalBalance SheetAs at February 28, 2020Assets Liabilities CASH in BANK $8,200ACCOUNTS PAYABLE$7,350ACCOUNTS RECEIVABLE (INSURANCE) $6,250BANK LOAN$2,800PREPAID INSURANCE $2,500LINE OF CREDIT$22,500DENTAL 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 1Owner deposited personal cash into the business bank account$5,200Mar 2Owner borrowed cash for the business and deposited in bank$6,500Mar 3Bought Dental X-ray Machine from cash in bank$10,000Mar 4Deposit cash for Client services in Bank (from AR)$4,800Mar 5Paid rent for the month (wrote cheque from bank)$2,850Mar 6Paid salaries from bank account (wrote cheques)$975Mar 8Paid back a portion of the accounts payable (etransfer from bank)$1,000Mar 9Received interest on the bank account$15Mar 12Purchased supplies on account (expense them)$250Mar 14Deposited cash from customer to settle their account$900Mar 16Purchased gasoline for the company using line of credit$750Mar 19Sold services on account receivable (Insurance claims)$2,250Mar 22Car insurance used this period - (from prepaid)$600Mar 26Received an advertising bill that will be paid next month$320Mar 28Paid bank loan principle (from business account)$350Mar 28Paid line of credit (from business account) $500Mar 29Paid interest on the bank loan/line of credit (from business account)$375Mar 30Owner withdrew cash for personal use from bank$1,425Mar 31Recognized one month of depreciation$475 The Chart of Accounts (GL no.) is shown below:Account DescriptionAccount #Account DescriptionAccount #ASSETS - CATEGORY 1 REVENUE - CATEGORY 4 CASH101REVENUE400ACCOUNTS RECEIVABLE (INSURANCE)110INTEREST REVENUE410PREPAID CAR INSURANCE112EXPENSES - CATEGORY 5 DENTAL EQUIPMENT120 Acc. Depreciation Dental Equipment121ADVERTISING 505LIABILITIES - CATEGORY 2 CAR INSURANCE510ACCOUNTS PAYABLE200RENT520BANK LOAN210TELEPHONE530LINE OF CREDIT 220SALARY540 SUPPLIES545OWNER'S EQUITY - CATEGORY 3 GASOLINE550CAPITAL (Owners Equity)300DEPRECIATION560DRAWINGS310INTEREST EXPENSE570 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.

DATEDESCRIPTION GL NO.DRCR

In the Ledgers; Pick a date using the dropdown in the date field, type in an account or explanation if you want, type in your debit or credit amount and after the opening balance, the amount should self add or subtract. Check the math and correct it if necessary. Then Choose DR or CR from the final dropdown to indicate either a Debit or Credit Balance. Do not forget opening balances where appropriate.

Account:CASH DateDESCRIPTION +-GL NO: DRCRBalanceDR/CR Opening Balance $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Account:ACCOUNTS RECEIVABLE (INSURANCE)DateDESCRIPTION +-GL NO: DRCRBalanceDR/CR Opening Balance $0 $0 Account:PREPAID CAR INSURANCE DateDESCRIPTION +-GL NO: DRCRBalanceDR/CR Opening Balance $0 Account:DENTAL EQUIPMENT DateDESCRIPTION +-GL NO: DRCRBalanceDR/CR Opening Balance $0 Account:Acc. Depreciation Dental Equipment DateDESCRIPTION -+GL NO: DRCRBalanceDR/CR Opening Balance $0 Account:ACCOUNTS PAYABLE DateDESCRIPTION -+GL NO: DRCRBalanceDR/CR Opening Balance $0 $0 $0 Account:BANK LOAN DateDESCRIPTION -+GL NO: DRCRBalanceDR/CR Opening Balance $0 $0 Account:LINE OF CREDIT DateDESCRIPTION -+GL NO: DRCRBalanceDR/CR Opening Balance $0 $0 Account:CAPITAL DateDESCRIPTION -+GL NO: DRCRBalanceDR/CR Opening Balance $0 Account:DRAWINGS DateDESCRIPTION +-GL NO: DRCRBalanceDR/CR Opening Balance $0 Account:REVENUE -+GL NO: DateDESCRIPTION DRCRBalanceDR/CR $0 $0 Account:INTEREST REVENUE +-GL NO: DateDESCRIPTION DRCRBalanceDR/CR $0 Account:ADVERTISING +-GL NO: DateDESCRIPTION DRCRBalanceDR/CR $0 Account:CAR INSURANCE +-GL NO: DateDESCRIPTION DRCRBalanceDR/CR $0 Account:RENT +-GL NO: DateDESCRIPTION DRCRBalanceDR/CR $0 Account:TELEPHONE +-GL NO: DateDESCRIPTION DRCRBalanceDR/CR $0 Account:SALARY +-GL NO: DateDESCRIPTION DRCRBalanceDR/CR $0 Account:SUPPLIES +-GL NO: DateDESCRIPTION DRCRBalanceDR/CR $0 Account:GASOLINE +-GL NO: DateDESCRIPTION DRCRBalanceDR/CR $0 Account:DEPRECIATION GL NO: DateDESCRIPTION DRCRBalance (DR or CR) $0 Account:INTEREST EXPENSE +-GL NO: DateDESCRIPTION DRCRBalanceDR/CR $0

In the Trial Balance, add the appropriate final values for each account as a debit or a credit, and the totals at the bottom should be the same.

Trial Balance - Mar 31st 2020ACCOUNT TITLESDRCR CASH ACCOUNTS RECEIVABLE (INSURANCE CLAIMS) PREPAID CAR INSURANCE DENTAL EQUIPMENT Acc. Depreciation: DENTAL EQUIP. ACCOUNTS PAYABLE BANK LOAN LINE OF CREDIT CAPITAL (OWNERS EQUITY) DRAWINGS - DITKA REVENUE INTEREST REVENUE ADVERTISING CAR INSURANCE RENT TELEPHONE SALARY SUPPLIES GASOLINE DEPRECIATION INTEREST EXPENSE $0$0

Use the values from the Trial Balance to fill in the appropriate accounts in the three Financial Statements. Remember the order in which they should be prepared to validate your data/work.

Ditka Dental Ditka Dental INCOME STATEMENT BALANCE SHEET FOR THE MONTH ENDING MARCH 31, 2017 AS AT MARCH 31, 2017 Revenue Assets Interest Revenue Cash Total Revenue$0 Accounts Receivable (Insurance Claims) Operating Expenses Prepaid Insurance Advertising Dental Equipment Car Insurance Accum. Depreciation (Dental Equip) Rent Telephone TOTAL ASSETS $0 Salary Supplies Liabilities Gasoline Accounts Payable Depreciation Bank Loan Interest Exp Line of Credit Total Operating Expenses$0 Net Income (Loss)$0 Total Liabilities$0 Owner's Equity (Capital)$0 TOTAL LIABILITIES + OWNERS EQUITY$0 Ditka Dental STATEMENT OF OWNERS EQUITY 31-Mar-17 Opening Equity (Capital) Add Investments Net Income$0 Subtotal$0 Less Drawings Closing Equity (Capital$0 SUBMIT A SAVED COPY OF YOUR WORK WITH YOUR NAME IN THE FILE NAME AND ON PAGE 1, AS INSTRUCTED.