Reference no: EM132494232
Question - Listed below are the transactions of Brian Lee, D.D.S., for the month of September.
Sept. 1 Lee begins practice as a dentist, invests $21,160 cash and issues 2,116 shares of $10 par stock.
Sept. 2 Purchases dental equipment on account from Green Jacket Co. for $18,480.
Sept. 4 Pays rent for office space, $620 for the month.
Sept. 4 Employs a receptionist, Michael Bradley.
Sept. 5 Purchases dental supplies for cash, $920.
Sept. 8 Receives cash of $1,860 from patients for services performed.
Sept. 10 Pays miscellaneous office expenses, $450.
Sept. 14 Bills patients $5,630 for services performed.
Sept. 18 Pays Green Jacket Co. on account, $3,520.
Sept. 19 Pays a dividend of $3,170 cash.
Sept. 20 Receives $940 from patients on account.
Sept. 25 Bills patients $2,070 for services performed.
Sept. 30 Pays the following expenses in cash: Salaries and wages $1,870; miscellaneous office expenses $87.
Sept. 30 Dental supplies used during September, $290.
Required - 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).
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