Listed below are the transactions of Yasunari Kawabata, D.D.S., for the month of September.
Sept. 1 |
Kawabata begins practice as a dentist and invests $20,000 cash. |
|
1 |
Purchases a one-year insurance policy for $1,200, paying the entire amount in cash. |
|
2 |
Purchases dental equipment on account from Green Jacket Co. for $17,280. |
|
2 |
Collects $3,000 prepayment from patient for 2 year orthodontic treatment plan. |
|
4 |
Pays rent for office space, $680 for the month. |
|
4 |
Employs a receptionist, Michael Bradley. |
|
5 |
Purchases dental supplies for cash, $942. |
|
8 |
Receives cash of $1,690 from patients for services performed. |
|
10 |
Pays miscellaneous office expenses, $430. |
|
14 |
Bills patients $5,820 for services performed. |
|
18 |
Pays Green Jacket Co. on account, $3,600. |
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19 |
Withdraws $3,000 cash from the business for personal use. |
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20 |
Receives $980 from patients on account. |
|
25 |
Bills patients $2,110 for services performed. |
|
30 |
Pays the following expenses in cash: Salaries and wages $1,800; miscellaneous office expenses $85. (Record each separately.) |
Record depreciation using a 5-year life on the equipment, the straight-line method, and no salvage value. Dental supplies used during September totaled $330.
Yasunari Kawabata | Cash | Accounts Payable | ||||||||||
Trial Balance | Sep 1 | $20,000 | Sep 1 | $1,200 | Sep 2 | $17,280 | ||||||
For the Month Ended Sept. 30 | Sep 2 | $3,000 | Sep 4 | $680 | Sep 18 | $3,600 | ||||||
Sep 8 | $1,690 | Sep 5 | $942 | |||||||||
Account Titles | Debit | Credit | Sep 20 | $980 | Sep 10 | $430 | Bal. | $13,680 | ||||
Cash | $13,933 | Sep 18 | $3,600 | |||||||||
Accounts receivable | $6,950 | Sep 19 | $3,000 | Yasunari Kawabata, Capital | ||||||||
Supplies | $942 | Sep 30 | $1,800 | Sep 1 | $20,000 | |||||||
Prepaid Insurance | $1,200 | Sep 30 | $85 | |||||||||
Equipment | $17,280 | Bal. | $20,000 | |||||||||
Accumulated Depreciation - Equipment | $0 | Bal. | $13,933 | |||||||||
Accounts payable | $13,680 | |||||||||||
Unearned Revenue | $3,000 | Equipment | Yasunari Kawabata, Drawing | |||||||||
Yasunari Kawabata, Capital | $20,000 | Sep 2 | $17,280 | Sep 19 | $3,000 | |||||||
Yasunari Kawabata, Drawing | $3,000 | |||||||||||
Revenue | $9,620 | Bal. | $17,280 | Bal. | $3,000 | |||||||
Rent Expense | $680 | |||||||||||
Office Expense | $515 | Accounts Receivable | Revenue | |||||||||
Salaries Expense | $1,800 | Spe 14 | $5,820 | Sep 20 | $980 | Spe 8 | $1,690 | |||||
Depreciation Expense | $0 | Spe 25 | $2,110 | Sep 14 | $5,820 | |||||||
$46,300 | $46,300 | Sep 25 | $2,110 | |||||||||
Bal. | $6,950 | Sep 30 | $9,620 | |||||||||
Supplies | Unearned Revenue | |||||||||||
Sep 5 | $942 | Sep 2 | $3,000 | |||||||||
Bal. | $942 | Bal. | $3,000 | |||||||||
Prepaid Insurance | Office Expense | |||||||||||
Sep 1 | $1,200 | Sep 10 | $430 | |||||||||
Sep 30 | $85 | |||||||||||
Bal. | $1,200 | |||||||||||
Sep 30 | $515 | |||||||||||
Rent Expense | Salaries and wages | |||||||||||
Sep 4 | $680 | Sep 30 | $1,800 | |||||||||
Sep 30 | $680 | Sep 30 | $1,800 | |||||||||
Solution: Journal entry recorded for depreciation expenses as follows:
Date | Account Title & Explanation | Debit ($) | Credit ($) |
Sep 30 | Depreciation Expenses | 275 | |
Accumulated depreciation - Equipment |
275 | ||
(To record the depreciation expenses.) |
Depreciation Expenses
= [(Purchase value of equipment - Salvage value) / Estimated useful life] x (Number of days asset is available in September) /365 days)
= [($17280 - 0) / 5 yrs] x (29 / 365)days = $3456 x 0.07945 days = $275
Listed below are the transactions of Yasunari Kawabata, D.D.S., for the month of September. Sept. 1...
Listed below are the transactions of Yasunari Kawabata, D.D.S., for the month of September. Sept. 1 Kawabata begins practice as a dentist and invests $20,000 cash. 1 Purchases a one-year insurance policy for $1,200, paying the entire amount in cash. 2 Purchases dental equipment on account from Green Jacket Co. for $17,280. 2 Collects $3,000 prepayment from patient for 2 year orthodontic treatment plan. 4 Pays rent for office space, $680 for the month. 4 Employs a receptionist, Michael Bradley....
P3-1 (Transactions, Financial Statements—Service Company) Listed below are the transactions of Yasunari Kawabata, D.D.S., for the month of September.Sept. 1 Kawabata begins practice as a dentist and invests $20,000 cash.2 Purchases furniture and dental equipment on account from Green Jacket Co. for $17,280.4 Pays rent for office space, $680 for the month.4 Employs a receptionist, Michael Bradley.5 Purchases dental supplies for cash, $942.8 Receives cash of $1,690 from patients for services performed.10 Pays miscellaneous office expenses, $430.14 Bills patients $5,820...
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Listed below are the transactions of Adam Kawabata, D.D.S., for the month of September. Sept. 1 Kawabata begins practice as a dentist and invests $24,450 cash. 2 Purchases dental equipment on account from Green Jacket Co. for $18,900. 4 Pays rent for office space, $770 for the month. 4 Employs a receptionist, Michael Bradley. 5 Purchases dental supplies for cash, $1,035. 8 Receives cash of $1,760 from patients for services performed. 10 Pays miscellaneous office expenses, $520. 14 Bills patients...
4 Page 1 of 1 14 18 P3.1 (L02,4,5) (Transactions, Financial Statements--Service Company) Listed below are the transactions of Yasunari Kawa- bata, D.D.S., for the month of September. Sept. 1 Kawabata begins practice as a dentist and invests $20,000 cash. 2 Purchases dental equipment on account from Green Jacket Co. for $17,280. Pays rent for office space, $680 for the month. 4 Employs a receptionist, Michael Bradley. 5 Purchases dental supplies for cash, $942. 8 Receives cash of $1,690 from...
Listed below are the transactions of Adam Kawabata, D.D.S., for the month of September. Sept. 1 Kawabata begins practice as a dentist and invests $24,450 cash. 2 Purchases dental equipment on account from Green Jacket Co. for $18,900. 4 Pays rent for office space, $770 for the month. 4 Employs a receptionist, Michael Bradley. 5 Purchases dental supplies for cash, $1,035. 8 Receives cash of $1,760 from patients for services performed. 10 Pays miscellaneous office expenses, $520. 14 Bills patients...
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