Question

Problem 3-01 Listed below are the transactions of David Davis, D.D.S., for the month of September. Sept. 1 Davis begins practice as a dentist, invests $21,900 cash and issues 2,190 shares of $10 par stock. 2 Purchases dental equipment on account from Green Jacket Co. for $17,640. 4 Pays rent for office space, $670 for the month. 4 Employs a receptionist, Michael Bradley. 5 Purchases dental supplies for cash, $910. 8 Receives cash of $1,570 from patients for services performed. 10 Pays miscellaneous office expenses, $460. 14 Bills patients $6,330 for services performed. 18 Pays Green Jacket Co. on account, $3,930. 19 Pays a dividend of $3,250 cash. 20 Receives $1,030 from patients on account. 25 Bills patients $1,980 for services performed. 30 Pays the following expenses in cash: Salaries and wages $1,730; miscellaneous office expenses $84. 30 Dental supplies used during September, $300. Record depreciation using a 5-year life on the equipment, the straight-line method, and no salvage value.

Answer 1

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