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 Enter the transactions shown above in appropriate general ledger accounts (i.e., T-Accounts). Use the following ledger accounts: Cash, Accounts Receivable, Allowance for Uncollectible A/R, Supplies, Equipment, Accumulated Depreciation – Equipment, Accounts Payable, Owner’s Capital, Revenue, Interest Income, Salaries/Wages Expense, Rent Expense, Repairs & Maintenance Exp, Research & Development Expense, Office Expenses, Supplies Expense, Depreciation Expense, Bad Debt Expense, and other applicable accounts.

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 Enter the transactions shown above in appropriate general ledger accounts (i.e., T-Accounts). Use the following ledger accounts: Cash, Accounts Receivable, Allowance for Uncollectible A/R, Supplies, Equipment, Accumulated Depreciation – Equipment, Accounts Payable, Owner’s Capital, Revenue, Interest Income, Salaries/Wages Expense, Rent Expense, Repairs & Maintenance Exp, Research & Development Expense, Office Expenses, Supplies Expense, Depreciation Expense, Bad Debt Expense, and other applicable accounts.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter6: Business Expenses

Section: Chapter Questions

Problem 71IIP

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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

Enter the transactions shown above in appropriate general ledger accounts (i.e., T-Accounts). Use the following ledger accounts: Cash, Accounts Receivable, Allowance for Uncollectible A/R, Supplies, Equipment, Accumulated Depreciation – Equipment, Accounts Payable, Owner’s Capital, Revenue, Interest Income, Salaries/Wages Expense, Rent Expense, Repairs & Maintenance Exp, Research & Development Expense, Office Expenses, Supplies Expense, Depreciation Expense, Bad Debt Expense, and other applicable accounts.

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