Kirsten Williams opened a dental practice in Daytona, Florida as a corporation The following transactions took place in August Aug 1 Sold $60,000 of common stock to Williams to start the business 5 Purchased dental supplies on account, $4,600 7 Paid monthly office rent of $1,200 10 Provided $3,300 ...

Journal DATE ACCOUNTS POST REF Dr Cr Aug 1 Cash 60000 Comm ...

Kirsten Williams opened a dental practice in Daytona, Florida as a corporation. The following transactions took place

Question:

Kirsten Williams opened a dental practice in Daytona, Florida as a corporation. The following transactions took place in August:
Aug 1 Sold $60,000 of to Williams to start the business.
5 Purchased dental supplies on account, $4,600.
7 Paid monthly office rent of $1,200.
10 Provided $3,300 of dental services to patients. Received cash of $300 for these services and sent bills to patients for the remainder.

Using the steps outlined in the five-step transaction analysis, record the transactions in the journal.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...