Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Listed below are the transactions of Alan Kawabata, D.D.S., for the month of September. Sept. 1 Kawabata begins practice as a dentist and invests $20,690

Listed below are the transactions of Alan Kawabata, D.D.S., for the month of September.

Sept. 1 Kawabata begins practice as a dentist and invests $20,690 cash.

2 Purchases dental equipment on account from Green Jacket Co. for $18,480 .

4 Pays rent for office space, $719 for the month.

4 Employs a receptionist, Michael Bradley.

5 Purchases dental supplies for cash, $1,010

8 Receives cash of $1,710 from patients for services performed.

10 Pays miscellaneous office expenses, $540.

14 Bills patients $7,650for services performed.

18 Pays Green Jacket Co. on account, $4,050.

19 Withdraws $3,670cash from the business for personal use.

20 Receives $1,050 from patients on account.

25 Bills patients $3,520 for services performed.

30 Pays the following expenses in cash: Salaries and wages $3,280; miscellaneous office expenses $86. (Record each separately.)

30 Dental supplies used during September, $360. Record depreciation using a 5-year life on the equipment, the straight-line method, and no salvage value.

question:

a.Enter the transactions shown above in appropriate general ledger accounts (use T-accounts). Do not use a drawing account.

b.Prepare a trial balance.

c.Prepare an income statement.

d.Prepare a statement of owner’s equity.

e.Prepare an unclassified balance sheet.

f.Close the ledger

g.Prepare a post-closing trial balance.

Step by Step Solution

3.41 Rating (151 Votes )

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

Physics

Authors: David Young, Shane Stadler

10th edition

1118486897, 978-1118836873, 1118836871, 978-1118899205, 1118899202, 978-1118486894

More Books

Students also viewed these Accounting questions

Question

How is the NDAA used to shape defense policies indirectly?

Answered: 1 week ago