Question

I am having trouble filling out the general ledger as well as the trail balance and income statement.
Problem 3-01 Listed below are the transactions of Charles Wilson, D.D.S., for the month of September. Sept. 1 Wilson begins practice as a dentist, invests $20,740 cash and issues 2,074 shares of $10 par stock. 2 Purchases dental equipment on account from Green Jacket Co. for $17,760. 4 Pays rent for office space, $700 for the month. 4 Employs a receptionist, Michael Bradley. 5 Purchases dental supplies for cash, $860. 8 Receives cash of $1,810 from patients for services performed. 10 Pays miscellaneous office expenses, $420. 14 Bills patients $5,850 for services performed. 18 Pays Green Jacket Co. on account, $3,800. 19 Pays a dividend of $2,880 cash. 20 Receives $1,020 from patients on account. 25 Bills patients $2,020 for services performed. 30 Pays the following expenses in cash: Salaries and wages $1,890; miscellaneous office expenses $93. 30 Dental supplies used during September, $330. Record depreciation using a 5-year life on the equipment, the straight-line method, and no salvage value. Enter the transactions shown above in appropriate general ledger accounts (use T-accounts). (Post entries in the order displayed in the problem statement.) Cash Sept. 1 20400|| Sept. 4 700 Sept. 8 1810 | Sept. 5 860 Sept. 20 1020 || Sept. 10 420 Sept. 18 3800

Answer 1

Sep-01 Sep-08 Sep-20 1020 20740 1810 1020 Account Receivable 5850 Sep-20 2020 Cash Sep-04 Sep-05 Sep-10 Sep-18 Sep-19 Sep-30 Sep-14 Sep-25 End. Bal Sep-10 Sep-30 End. Bal Office Expense 420 93 513 6850 700 860 420 3800 2880 1983 Supplies 860 Sep-30 530 Sep-05 End. Bal 330 Common Stock Sep-01 End. Bal 20740 20740 End. Bal 12927 Sep-04 End. Bal Rent Expense 700 700 Service Revenue Sep-08 Sep-14 Sep-25 End. Bal Accumulated Depreciation - Equipment Sep-30 3552 End. Bal 3552 1810 5850 2020 9680 Sep-18 Account Payable 3800 Sep-02 End. Bal 17760 13960 Depreciation Expeanse Sep-30 3552 End. Bal 3552 Sep-02 End. Bal Equipment 17760 17760 Dividend Sep-19 End. Bal 2880 2880 Sep-30 End. Bal Supplies Expense 330 330 End. Bal Salaries and Wages Expense Sep-30 1890 End. Bal 1890

CHARLES WILSON, D.D.S Trial Balance for the month September 30 Account Tittle Debit ($) Credit ($) Cash 12927 Account Receivable 6850 Rent Expense 700 Supplies 530 Office Expense 513 Salaries and Wages Expense 1890 Supplies Expense 330 Depreciation Expense 3552 Equipment 17760 Common Stock 20740 Dividend 2880 Account Payable 13960 Service Revenue 9680 Accumulated Depreciation - Equipment 3552 Total 47932 47932

CHARLES WILSON, D.D.S Income Statement For the month ended September 30 Amount ($ Amount ($) Revenue Service Revenue 9680 700 Expense Rent Expense Office Expense Salaries and Wages Expense Supplies Expense Depreciation Expense Total Expense 513 1890 330 3552 6985 Net Income 2695 CHARLES WILSON, D.D.S Statement of Retained Earnings For the month ended September 30 Begining Balance Net Income Less : Dividend Ending Balance Amount ($) 0 2695 (2880) (185)

CHARLES WILSON, D.D.S Balance sheet For the month ended September 30 Asset Amount ($) Amount ($) Current Asset Cash 12927 Account Receivable 6850 Supplies 530 Total Current asset 20307 Equipment 17760 Less : Accumulated Depreciation -3552 14208 Total Assets 34515 Liabilities and Stockholders' Equity Current Liabilities Account Payable 13960 Stockholders' Equity Common Stock 20740 Retained Earning (185) Total stockholders' equity 20555 Total liabilities and stockholders' equity 34515

Credit ($) Post Closing Entries TransactAccount Tittle Debit (S) 30-Sep Service Revenu 9680 Income Summary (Closing Revenue Accounts) Credit ($) 9680 CHARLES WILSON, D.D.S Post Closing Trial Balance for the month ended September 30 Account Tittle Debit ($) Cash 12927 Account Receivable 6850 Supplies 530 Equipment 14208 Common Stock Account Payable Total 34515 20555 13960 34515 30-Sep Income Summa 6985 Rent Expense Office Expense Salaries and w Supplies Expense Depreciation Expense (Closing Expanses Accounts 700 513 1890 330 3552 30-Sep Income Summa 2695 Retained Earnings (Closing Income Summary Account) 2695

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