Listed below are the transactions of Kenneth Clark, D.D.S., for the month of September. Sept. 1 Clark begins...
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Listed below are the transactions of Kenneth Clark, D.D.S., forthe month of September.
Sept. 1 Clark begins practice as a dentist, invests $18,790 cash andissues 1,879 shares of $10 par stock. 2 Purchases dental equipment on account from Green Jacket Co. for$18,300. 4 Pays rent for office space, $620 for the month. 4 Employs a receptionist, Michael Bradley. 5 Purchases dental supplies for cash, $880. 8 Receives cash of $1,830 from patients for servicesperformed. 10 Pays miscellaneous office expenses, $480. 14 Bills patients $5,810 for services performed. 18 Pays Green Jacket Co. on account, $3,430. 19 Pays a dividend of $2,830 cash. 20 Receives $900 from patients on account. 25 Bills patients $2,090 for services performed. 30 Pays the following expenses in cash: Salaries and wages $1,710;miscellaneous office expenses $84. 30 Dental supplies used during September, $360
Record depreciation using a 5-year life on the equipment, thestraight-line method, and no salvage value.
1. Enter the transactions shown above in appropriate generalledger accounts (use T-accounts).
2. Prepare a trial balance.
3. Prepare an income statement.
4. Prepare a retained earnings statement.
5. Prepare an unclassified balance sheet.
6. Close the ledger.
7. Prepare a post-closing trial balance.
Listed below are the transactions of Kenneth Clark, D.D.S., forthe month of September.
| Sept. 1 | Clark begins practice as a dentist, invests $18,790 cash andissues 1,879 shares of $10 par stock. | |
| 2 | Purchases dental equipment on account from Green Jacket Co. for$18,300. | |
| 4 | Pays rent for office space, $620 for the month. | |
| 4 | Employs a receptionist, Michael Bradley. | |
| 5 | Purchases dental supplies for cash, $880. | |
| 8 | Receives cash of $1,830 from patients for servicesperformed. | |
| 10 | Pays miscellaneous office expenses, $480. | |
| 14 | Bills patients $5,810 for services performed. | |
| 18 | Pays Green Jacket Co. on account, $3,430. | |
| 19 | Pays a dividend of $2,830 cash. | |
| 20 | Receives $900 from patients on account. | |
| 25 | Bills patients $2,090 for services performed. | |
| 30 | Pays the following expenses in cash: Salaries and wages $1,710;miscellaneous office expenses $84. | |
| 30 | Dental supplies used during September, $360 |
Record depreciation using a 5-year life on the equipment, thestraight-line method, and no salvage value.
1. Enter the transactions shown above in appropriate generalledger accounts (use T-accounts).
2. Prepare a trial balance.
3. Prepare an income statement.
4. Prepare a retained earnings statement.
5. Prepare an unclassified balance sheet.
6. Close the ledger.
7. Prepare a post-closing trial balance.
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