Enter the transactions shown above in appropriate general

Assignment Help Accounting Basics

Reference no: EM13602577

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 for services performed.
18 Pays Green Jacket Co. on account, $3,600.
19 Withdraws $3,000 cash from the business for personal use.
20 Receives $980 from patients on account.
25 Bills patients $2,110 for services performed.
30 Pays the following expenses in cash: office salaries $1,800; miscellaneous office expenses $85.
30 Dental supplies used during September, $330.

Instructions
(a) Enter the transactions shown above in appropriate general ledger accounts (use T-accounts). Use the following ledger accounts: Cash; Accounts Receivable; Supplies on Hand; Furniture and Equipment; Accumulated Depreciation; Accounts Payable; Yasunari Kawabata, Capital; Service Revenue; Rent Expense; Miscellaneous Office Expense; Office Salaries Expense; Supplies Expense; Depreciation Expense; and Income Summary. Allow 10 lines for the Cash and Income Summary accounts, and 5 lines for each of the other accounts needed. Record depreciation using a 5-year life on the furniture and equipment, the straight-line method, and no salvage value. Do not use a drawing account.

(b) Prepare a trial balance.

(d) Close the ledger.

(e) Prepare a post-closing trial balance.

Reference no: EM13602577

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