Listed below are the transactions of James Smith, D.D.S., for the month of September.Sept. 1 Smith begins practice as a dentist, invests $ 20,620 cash and issues 2,062 shares of $10 par stock.2 Purchases dental equipment on account from Green Jacket Co. for $ 17,340.4 Pays rent for office space, $ 740 for the month.4 Employs a receptionist, Michael Bradley.5 Purchases dental supplies for cash, $ 890.8 Receives cash of $ 1,740 from patients for services performed.10 Pays miscellaneous office expenses, $ 450.14 Bills patients $ 6,230 for services performed.18 Pays Green Jacket Co. on account, $ 3,260.19 Pays a dividend of $ 3,270 cash.20 Receives $ 980 from patients on account.25 Bills patients $ 2,240 for services performed.30 Pays the following expenses in cash: Salaries and wages $ 1,680; miscellaneous office expenses $ 86.30 Dental supplies used during September, $ 360.Record depreciation using a 5-year life on the equipment, the straight-line method, and no salvage value.(a) Partially correct answer iconYour answer is partially correct.Enter the transactions shown above in appropriate general ledger accounts (use T-accounts). (Post entries in the order displayed in the problem statement.) Enter the transactions shown above in appropriate general ledger accounts (use T-accounts). (Post entries in the order displayed in the problem statement.)Cash Accounts Receivable Rent Expense Supplies Office Expense Salaries and Wages Expense Supplies Expense Depreciation Expense Equipment Common Stock Dividends Accounts Payable Service Revenue Accumulated Depreciation-Equipment

The T-accounts represents the balance of each account separately. Further these balances are used to…

Answered: Listed below are the transactions of…

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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Question

Listed below are the transactions of James Smith, D.D.S., for the month of September.

Sept. 1		Smith begins practice as a dentist, invests $ 20,620 cash and issues 2,062 shares of $10 par stock.
2		Purchases dental equipment on account from Green Jacket Co. for $ 17,340.
4		Pays rent for office space, $ 740 for the month.
4		Employs a receptionist, Michael Bradley.
5		Purchases dental supplies for cash, $ 890.
8		Receives cash of $ 1,740 from patients for services performed.
10		Pays miscellaneous office expenses, $ 450.
14		Bills patients $ 6,230 for services performed.
18		Pays Green Jacket Co. on account, $ 3,260.
19		Pays a dividend of $ 3,270 cash.
20		Receives $ 980 from patients on account.
25		Bills patients $ 2,240 for services performed.
30		Pays the following expenses in cash: Salaries and wages $ 1,680; miscellaneous office expenses $ 86.
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.

(a)

Partially correct answer icon

Your answer is partially correct.

Enter the transactions shown above in appropriate general ledger accounts (use T-accounts). (Post entries in the order displayed in the problem statement.)

Enter the transactions shown above in appropriate general ledger accounts (use T-accounts). (Post entries in the order displayed in the problem statement.)

Cash








Accounts Receivable



Rent Expense

Supplies


Office Expense


Salaries and Wages Expense

Supplies Expense

Depreciation Expense

Equipment


Common Stock


Dividends

Accounts Payable


Service Revenue



Accumulated Depreciation-Equipment