### Journal Entry Examples for Dental Practice - January Transactions#### Transaction Table:**January 1** A dentist opens a dental practice by depositing $10,000 into a bank account in the business name.**January 2** The dental business borrows $100,000 from the bank.**January 3** The dentist pays for malpractice insurance for the month, $2,000.**January 4** Purchases for cash dental equipment, including X-ray machine, chair, etc. $60,000.**January 20** The dentist pays for a billboard to advertise his services for one month, $500.**January 21** The dentist performs dental services for the first half of the month and receives $8,000 for services rendered.**January 29** Pays the dental hygienist $2,500.**January 31** Bills patients for services rendered that have not been paid $5,000.#### Journal Entries Spreadsheet:| Date | Account | Debit | Credit ||------------|--------------------------|--------|--------|| **1/1/16** | Cash | 10,000 | || | Capital | | 10,000 || **1/2/16** | | | || **1/3/16** | | | || **1/4/06** | | | || **1/20/16**| | | || **1/21/16**| | | || **1/29/16**| | | || **1/31/16**| | | |#### Chart of Accounts:- **Cash**- **Accounts Receivable**- **Equipment**- **Notes Payable**- **Capital**- **Fees Earned**- **Insurance Expense**- **Advertising Expense**- **Salaries Expense**#### Additional Queries:1. **What is the net income for January?**2. **How much do patients owe the dentist as of January 31?**This example illustrates how to record the financial activities of a dental practice. Keeping such detailed records helps track the financial health of the practice and ensures accurate reporting for taxation and business analysis purposes.

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A dentist opens a dental practice by depositing $10,000 into a bank account in the business name The dental business borrows $100,000 from the bank The dentist pays for malpractice insurance for the month, $2,000 Purchases for cash dental equipment, including X-ray machine, chair, etc. $60,000 The dentist pays for a billboard to advertise his services for one month, $500 The dentist performs dental services for the first half of the month and receives $8,000 for services January 1 January 2 January 3 January 4 January 20 January 21 rendered January 29 January 31 Pays the dental hygienist $2500 Bills patients for services rendered that have not been paid $5,000 Date Account Debit Credit 1/1/16 Cash 10000 Сapital 10000 Chart of Accounts: 1/2/16 Cash Accounts Receivable 1/3/16 Equipment Notes Payable 1/4/06 Сapital Fees Earned 1/20/16 Insurance Expense Advertising Expense 1/21/16 Salaries Expense 1/29/16 1/31/16 1. What is the net income for January? 2. How much do patients owe the dentist as of January 31?

A dentist opens a dental practice by depositing $10,000 into a bank account in the business name The dental business borrows $100,000 from the bank The dentist pays for malpractice insurance for the month, $2,000 Purchases for cash dental equipment, including X-ray machine, chair, etc. $60,000 The dentist pays for a billboard to advertise his services for one month, $500 The dentist performs dental services for the first half of the month and receives $8,000 for services January 1 January 2 January 3 January 4 January 20 January 21 rendered January 29 January 31 Pays the dental hygienist $2500 Bills patients for services rendered that have not been paid $5,000 Date Account Debit Credit 1/1/16 Cash 10000 Сapital 10000 Chart of Accounts: 1/2/16 Cash Accounts Receivable 1/3/16 Equipment Notes Payable 1/4/06 Сapital Fees Earned 1/20/16 Insurance Expense Advertising Expense 1/21/16 Salaries Expense 1/29/16 1/31/16 1. What is the net income for January? 2. How much do patients owe the dentist as of January 31?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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