Listed below are the transactions of James Smith, D.D.S., for the month of September. Sept. 1 Smith
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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.
Prepare an income statement.
Prepare a retained earnings statement.
Prepare an unclassified balance sheet.
Close the ledger.
Related Book For
Intermediate Accounting principles and analysis
ISBN: 978-0471737933
2nd Edition
Authors: Terry d. Warfield, jerry j. weygandt, Donald e. kieso
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