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You have been hired as the Accounting Consultant by Zachary McDaniel he has reached out needing help with the financial affairs of his new dentistry

You have been hired as the Accounting Consultant by Zachary McDaniel he has reached out needing help with the financial affairs of his new dentistry business. The following are the transactions that occurred during his first 4 months of being open. He has asked you to help get him caught up and generate financial information for each month.
Zachary McDaniel, DDS opened his practice in September 2017. The following are the transactions made to date.
Sept. 1 McDaniel begins a practice as a dentist and invests $40,000 cash
Sept. 2 Purchases dental equipment on account from Green Jacket Co. for $17,280,5 year useful life, straight line method
Sept. 4 Pays rent for office space, $680 for the month
Sept. 4 Employs a receptionist, Michael Bradley
Sept. 5 Purchases dental supplies for cash $942
Sept. 8 Receives cash of $1,690 from patients for services performed
Sept. 10 Pays miscellaneous office expenses, $430
Sept. 14 Bills patients $5,820 for services performed
Sept. 18 Pays Green Jacket Co. on account, $3,600
Sept. 19 Withdraws $3,000 cash from the business for personal use
Sept. 20 Receives $980 from patients on account
Sept. 25 Bills patients $2,110 for services performed
Sept. 30 Pays the following expenses in cash. Salaries and wages $1,800; miscellaneous office expenses $85
Sept. 30 Dental Supplies used during September, $330
Sept. 30 Receives $120 in interest income on deposit accounts
Sept. 30 Reserve for Uncollected Receivables of $500
Sept. 30 Prepares Closing Entries for September
Oct. 1 Purchases dental equipment w/ cash from Smiling Teeth for 12,000,5 year useful life, straight line method
Oct. 2 Pays rent for office space, $680 for the month
Oct. 5 Receives $650 from patients on account
Oct. 5 Purchases dental supplies for cash $743
Oct. 8 Receives cash of $1,225 from patients for services performed
Oct. 10 Pays miscellaneous office expenses, $230
Oct. 12 Bills patients $5,620 for services performed
Oct. 15 Pays Green Jacket Co. on account, $3,500
Oct. 15 Withdraws $4,000 cash from the business for personal use
Oct. 20 Receives $1,080 from patients on account
Oct. 25 Bills patients $4,110 for services performed
Oct. 30 Pays the following expenses in cash. Salaries and wages $1,800; miscellaneous office expenses $125
Oct. 31 Dental Supplies used during September, $425
Oct. 31 Receives $65 interest income on deposit accounts
Oct. 31 Reserve for Uncollectible Accounts of $750.00
Oct. 31 Accounts deemed uncollectible of $75
Oct. 31 Prepares Closing Entries for October
Nov. 1 Maintenance on equipment of $125, paid w/ cash
Nov. 1 Invests in Research & Development with other dentists of $2,500 on account
Nov. 2 Pays rent for office space, $680 for the month
Nov. 5 Receives $2,510 from patients on account
Nov. 5 Purchases dental supplies for cash $325
Nov. 8 Receive cash of $2,225 from patients for services performed
Nov. 10 Pays miscellaneous office expenses, $310
Nov. 12 Bills patients $5,125 for services performed
Nov. 15 Pays Green Jacket Co. remaining balance
Nov. 15 Withdraws $2,500 cash from the business for personal use
Nov. 20 Receives $8,180 from patients on account
Nov. 25 Bills patients $3,875 for services performed
Nov. 30 Pays the following expenses in cash. Salaries and wages $1,800; miscellaneous office expenses $95
Nov. 30 Dental Supplies used during September, $625
Nov. 30 Receives $54 interest income on deposit accounts
Nov. 30 Reserve for Uncollectible Accounts of $1,250
Nov. 30 Accounts deemed uncollectible of $87
Nov. 30 Prepares Closing Entries for Nov
Dec. 1 Maintenance on equipment of $55, paid on account
Dec. 1 Invests in Research & Development with other dentists of $1,200 on account
Dec. 1 Pays $1,500 on R&D payable
Dec. 2 Pays rent for office space, $680 for the month
Dec. 5 Receives $3,125 from patients on account
Dec. 5 Purchases dental supplies for cash $525
Dec. 8 Receives cash of $3,575 from patients for services performed
Dec. 10 Pays miscellaneous office expenses, $175
Dec. 12 Bills patients $4,975 for services performed
Dec. 20 Receives $6,757 from patients on account
Dec. 25 Bills patients $4,125 for services performed
Dec. 30 Pays the following expenses in cash. Salaries and wages $1,900; miscellaneous office expenses $45
Dec. 31 Dental Supplies used during September, $415
Dec. 31 Receives $26 interest income on deposit accounts
Dec. 31 Reserve for Uncollectible Accounts of $1,450
Dec. 31 Accounts deemed uncollectible of $186
Dec. 31 Prepares Closing Entries for December
Instructions:
Prepare an Income Statement, a Statement of Owners Equity, and a Balance Sheet for November and December month-end.

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