Name: Marks Sections Journal Type # of Questions 57 G/L Accounts 68 Trial Balance Income Statement...
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Name: Marks Sections Journal Type # of Questions 57 G/L Accounts 68 Trial Balance Income Statement Statement of Owners Equity 20 13 6 Balance Sheet 12 TOTAL 176 Once complete, submit as instructed. Transfer the Opening entries from the Balance Sheet to the Ledger opening balances (ledger account add numbers as you go). Using Accounting practices Learned-use the transactions below to: Create Journal Entries; Post from the Journal to the Ledgers; Create a Trial Balance from the finished ledgers; create Financial Statements from the Trial Balance. All date, Account, and Ledger number fields have dropdown menus. The opening balances for the month of March are as follows: Ditka Dental Balance Sheet Assets CASH in BANK As at February 28, 2020 Liabilities $8,200 ACCOUNTS PAYABLE $7,350 ACCOUNTS RECEIVABLE (INSURANCE) $6,250 BANK LOAN $2,800 PREPAID INSURANCE DENTAL EQUIPMENT $2,500 LINE OF CREDIT $80,000 $22,500 Acc. Depreciation - DENTAL EQUIPMENT000) Total Liabilities $32,650 Capital (Owners Equity) $54,300 Total Assets $86,950 Total Liabilities and Owners' Equity $86,950 Transactions for the month of March: Mar 1 Mar 2 Mar 3 Owner deposited personal cash into the business bank account Owner borrowed cash for the business and deposited in bank Bought Dental X-ray Machine from cash in bank $5,200 $6,500 $10,000 Mar 4 Deposit cash for Client services in Bank (from AR) $4,800 Mar 5 Paid rent for the month (wrote cheque from bank) $2,850 Mar 6 Paid salaries from bank account (wrote cheques) $975 Mar 8 Mar 9 Paid back a portion of the accounts payable (etransfer from bank) Received interest on the bank account $1,000 $15 Mar 12 Mar 14 Mar 16 Mar 19 Mar 22 Mar 26 Purchased supplies on account (expense them) $250 Deposited cash from customer to settle their account $900 Purchased gasoline for the company using line of credit $750 Sold services on account receivable (Insurance claims) $2,250 |Car insurance used this period - (from prepaid) $600 Mar 28 Received an advertising bill that will be paid next month |Paid bank loan principle (from business account) $320 $350 Mar 28 Paid line of credit (from business account) $500 Mar 29 Paid interest on the bank loan/line of credit (from business account) $375 Mar 30 Mar 31 Owner withdrew cash for personal use from bank Recognized one month of depreciation $1,425 $475 The Chart of Accounts (GL no.) is shown below: Account Description Account # Account Description Account # ASSETS - CATEGORY 1 CASH 101 REVENUE - CATEGORY 4 REVENUE 400 ACCOUNTS RECEIVABLE (INSURANCE)110 INTEREST REVENUE 410 PREPAID CAR INSURANCE 112 EXPENSES - CATEGORY 5 DENTAL EQUIPMENT 120 Acc. Depreciation Dental Equipment 121 ADVERTISING LIABILITIES - CATEGORY 2 CAR INSURANCE ACCOUNTS PAYABLE 200 RENT BANK LOAN 210 TELEPHONE LINE OF CREDIT 220 SALARY SUPPLIES OWNER'S EQUITY - CATEGORY 3 CAPITAL (Owners Equity) 300 DRAWINGS 310 505 510 520 530 540 545 GASOLINE 550 DEPRECIATION 560 INTEREST EXPENSE 570 Required: a) Journalize the transactions (with dates and descriptions). b) Post the transactions to the general ledger. c) Prepare the financial statements in the worksheets provided. Name: Marks Sections Journal Type # of Questions 57 G/L Accounts 68 Trial Balance Income Statement Statement of Owners Equity 20 13 6 Balance Sheet 12 TOTAL 176 Once complete, submit as instructed. Transfer the Opening entries from the Balance Sheet to the Ledger opening balances (ledger account add numbers as you go). Using Accounting practices Learned-use the transactions below to: Create Journal Entries; Post from the Journal to the Ledgers; Create a Trial Balance from the finished ledgers; create Financial Statements from the Trial Balance. All date, Account, and Ledger number fields have dropdown menus. The opening balances for the month of March are as follows: Ditka Dental Balance Sheet Assets CASH in BANK As at February 28, 2020 Liabilities $8,200 ACCOUNTS PAYABLE $7,350 ACCOUNTS RECEIVABLE (INSURANCE) $6,250 BANK LOAN $2,800 PREPAID INSURANCE DENTAL EQUIPMENT $2,500 LINE OF CREDIT $80,000 $22,500 Acc. Depreciation - DENTAL EQUIPMENT000) Total Liabilities $32,650 Capital (Owners Equity) $54,300 Total Assets $86,950 Total Liabilities and Owners' Equity $86,950 Transactions for the month of March: Mar 1 Mar 2 Mar 3 Owner deposited personal cash into the business bank account Owner borrowed cash for the business and deposited in bank Bought Dental X-ray Machine from cash in bank $5,200 $6,500 $10,000 Mar 4 Deposit cash for Client services in Bank (from AR) $4,800 Mar 5 Paid rent for the month (wrote cheque from bank) $2,850 Mar 6 Paid salaries from bank account (wrote cheques) $975 Mar 8 Mar 9 Paid back a portion of the accounts payable (etransfer from bank) Received interest on the bank account $1,000 $15 Mar 12 Mar 14 Mar 16 Mar 19 Mar 22 Mar 26 Purchased supplies on account (expense them) $250 Deposited cash from customer to settle their account $900 Purchased gasoline for the company using line of credit $750 Sold services on account receivable (Insurance claims) $2,250 |Car insurance used this period - (from prepaid) $600 Mar 28 Received an advertising bill that will be paid next month |Paid bank loan principle (from business account) $320 $350 Mar 28 Paid line of credit (from business account) $500 Mar 29 Paid interest on the bank loan/line of credit (from business account) $375 Mar 30 Mar 31 Owner withdrew cash for personal use from bank Recognized one month of depreciation $1,425 $475 The Chart of Accounts (GL no.) is shown below: Account Description Account # Account Description Account # ASSETS - CATEGORY 1 CASH 101 REVENUE - CATEGORY 4 REVENUE 400 ACCOUNTS RECEIVABLE (INSURANCE)110 INTEREST REVENUE 410 PREPAID CAR INSURANCE 112 EXPENSES - CATEGORY 5 DENTAL EQUIPMENT 120 Acc. Depreciation Dental Equipment 121 ADVERTISING LIABILITIES - CATEGORY 2 CAR INSURANCE ACCOUNTS PAYABLE 200 RENT BANK LOAN 210 TELEPHONE LINE OF CREDIT 220 SALARY SUPPLIES OWNER'S EQUITY - CATEGORY 3 CAPITAL (Owners Equity) 300 DRAWINGS 310 505 510 520 530 540 545 GASOLINE 550 DEPRECIATION 560 INTEREST EXPENSE 570 Required: a) Journalize the transactions (with dates and descriptions). b) Post the transactions to the general ledger. c) Prepare the financial statements in the worksheets provided.
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Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0073396958
2nd edition
Authors: David Haddock, John Price, Michael Farina
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