Question

Sept.   1		Taylor begins practice as a dentist, invests $20,020 cash and issues 2,002 shares of $10 par stock.
2		Purchases dental equipment on account from Green Jacket Co. for $17,880.
4		Pays rent for office space, $730 for the month.
4		Employs a receptionist, Michael Bradley.
5		Purchases dental supplies for cash, $960.
8		Receives cash of $1,600 from patients for services performed.
10		Pays miscellaneous office expenses, $390.
14		Bills patients $5,470 for services performed.
18		Pays Green Jacket Co. on account, $3,490.
19		Pays a dividend of $2,790 cash.
20		Receives $1,030 from patients on account.
25		Bills patients $2,120 for services performed.
30		Pays the following expenses in cash: Salaries and wages $1,810; miscellaneous office expenses $85.
30		Dental supplies used during September, $320.

Record depreciation using a 5-year life on the equipment, the straight-line method, and no salvage value.

1. Enter the transactions shown above in appropriate general ledger accounts (use T-accounts). (Post entries in the order displayed in the problem statement.)

2. Prepare a trial balance. (Do not leave any answer field blank. Enter 0 for amounts.)

3. Prepare an income statement. (Enter loss using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

4. Prepare a retained earnings statement. (List items that increase owner's equity first.)

5. Prepare an unclassified balance sheet. (List assets in order of liquidity.)

6. Close the ledger. (Post entries in the order as displayed in the problem statement.)

    7. Prepare a post-closing trial balance.

Answer 1

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