Simon is a licensed dentist. During the first month of the operation of his business, the following events and transactions occurred.
May 1: Invested $40,000 cash.
May 1: Hired a secretary-receptionist at a salary of $600 per week payable monthly.
May 2: Paid office rent for the month $1,000.
May 3: Purchased dental supplies on account from Smile Company $4,000.
May 10: Provided dental services and billed insurance companies $5,100.
May 11: Received $1,000 cash advance from Trudy Borke for an implant.
May 20: Received $2,100 cash for services completed and delivered to John Stanley.
May 30: Paid secretary-receptionist for the month $2,400.
May 30: Paid $1,600 to Smile Company for accounts payable due.
Simon uses the following chart of accounts: Cash, Accounts Receivable, Supplies, Accounts Payable, Unearned Revenue, Maria Juarez, Capital; Service Revenue, Salaries Expense, and Rent Expense.
Instructions:
a) Journalize the transactions.
b) Post to the ledger accounts.
c) Prepare a trial balance on May 30, 2020.
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