Excercise General Journal Sheet1 General Jou General Journal (3) (L02,4,5) (Transactions, Financial Statements-Service Company) Listed below are the transactions of Yasunari Kawa D.D.S., for the month of September. pt. 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. 30 Dental supplies used during September, $330. uctions a) Enter the transactions shown above in appropriate general ledger accounts (use T-accounts). Use the following ledge accounts: Cash, Accounts Receivable, Supplies, Equipment, Accumulated Depreciation-Equipment, Accounts Pay able, Owner's Capital, Service Revenue, Rent Expense, Office Expense, Salaries and Wages Expense, Supplies Expense Depreciation Expense, and Income Summary. Allow 10 lines for the Cash and Income Summary accounts, and 5 line for each of the other accounts needed. Record depreciation using a 5-year life on the equipment, the straight-line method, and no salvage value. Do not use a drawing account. b) Prepare a trial balance. c) Prepare an income statement, a statement of owner's equity, and an unclassified balance sheet. d) Close the ledger. 2) Prepare a post-closing trial balance.
Excercise General Journal Sheet1 General Jou General Journal (3) (L02,4,5) (Transactions, Financial Statements-Service Company) Listed below are the transactions of Yasunari Kawa D.D.S., for the month of September. pt. 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. 30 Dental supplies used during September, $330. uctions a) Enter the transactions shown above in appropriate general ledger accounts (use T-accounts). Use the following ledge accounts: Cash, Accounts Receivable, Supplies, Equipment, Accumulated Depreciation-Equipment, Accounts Pay able, Owner's Capital, Service Revenue, Rent Expense, Office Expense, Salaries and Wages Expense, Supplies Expense Depreciation Expense, and Income Summary. Allow 10 lines for the Cash and Income Summary accounts, and 5 line for each of the other accounts needed. Record depreciation using a 5-year life on the equipment, the straight-line method, and no salvage value. Do not use a drawing account. b) Prepare a trial balance. c) Prepare an income statement, a statement of owner's equity, and an unclassified balance sheet. d) Close the ledger. 2) Prepare a post-closing trial balance.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Help me solve this
Transcribed Image Text:Excercise General Journal Sheet1 General Journal (2)
General Journal (3)
-1 (L02,4,5) (Transactions, Financial Statements-Service Company) Listed below are the transactions of Yasunari Kawa-
a, D.D.S., for the month of September.
Sept. 1 Kawabata begins practice as a dentist and invests $20,000 cash.
2
4
4
5
8
10
14
Purchases dental equipment on account from Green Jacket Co. for $17,280.
Pays rent for office space, $680 for the month.
Employs a receptionist, Michael Bradley.
Purchases dental supplies for cash, $942.
Receives cash of $1,690 from patients for services performed.
Pays miscellaneous office expenses, $430.
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.
30 Dental supplies used during September, $330.
structions
(a) Enter the transactions shown above in appropriate general ledger accounts (use T-accounts). Use the following ledger
accounts: Cash, Accounts Receivable, Supplies, Equipment, Accumulated Depreciation-Equipment, Accounts Pay-
able, Owner's Capital, Service Revenue, Rent Expense, Office Expense, Salaries and Wages Expense, Supplies Expense,
Depreciation Expense, and Income Summary. Allow 10 lines for the Cash and Income Summary accounts, and 5 lines
for each of the other accounts needed. Record depreciation using a 5-year life on the equipment, the straight-line
method, and no salvage value. Do not use a drawing account.
(b) Prepare a trial balance.
(c) Prepare an income statement, a statement of owner's equity, and an unclassified balance sheet.
(d) Close the ledger.
(e) Prepare a post-closing trial balance.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 5 steps with 4 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education