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Sept. 1 Kawabata begins practice as a dentist and invests $20,000 cash. 2 Purchases dental equipment on account from Green Jacket Co. for $17,280. 4
Sept. 1 | Kawabata begins practice as a dentist and invests $20,000 cash. | |
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 | Bills patients $5,820 for services performed. | |
18 | Pays Green Jacket Co. on account, $3,600. | |
19 | Withdraws $3,000 cash from the business for personal use. | |
20 | Receives $980 from patients on account. | |
25 | Bills patients $2,110 for services performed. | |
30 | Pays the following expenses in cash: Salaries and wages $1,800; miscellaneous office expenses $85. (Record each separately.) | |
30 | Dental supplies used during September, $330. |
Record depreciation using a 5-year life on the equipment, the straight-line method, and no salvage value.
Problem:
Please prepare a classified balance sheet, a single step income statement, a statement of cash flow using the direct method and a statement of stockholders equity.
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