Listed below are transactions of Zachary McDaniel, DDS since opening his practic
ID: 2328005 • Letter: L
Question
Listed below are transactions of Zachary McDaniel, DDS since opening his practice in September 2018.
Sept. 1
McDaniel begins a practice as a dentist and invests $40,000 cash
Sept. 2
Purchases dental equipment on account from Green Jacket Co. for $17,280, 5 year useful life, straight line method.
Sept. 4
Pays rent for office space, $680 for the month.
Sept. 4
Employs a receptionist, Michael Bradley.
Sept. 5
Purchases dental supplies for cash $942.
Sept. 8
Receive cash of $1,690 from patients for services performed.
Sept. 10
Pays miscellaneous office expenses, $430.
Sept. 14
Bills patients $5,820 for services performed.
Sept. 18
Pays Green Jacket Co. on account, $3,600.
Sept. 19
Withdraws $3,000 cash from the business for personal use.
Sept. 20
Receives $980 from patients on account.
Sept. 25
Bills patients $2,110 for services performed.
Sept. 30
Pays the following expenses in cash. Salaries and wages $1,800; miscellaneous office expenses $85.
Sept. 30
Dental Supplies used during September, $330
Sept. 30
Receives $120 in interest income on deposit accounts.
Sept. 30
Reserve for Uncollected Receivables of $500
Sept. 30
Prepares Closing Entries for Sept.
Oct. 1
Purchases dental equipment w/ cash from Smiling Teeth for 12,000, 5 year useful life, straight line method.
Oct. 2
Pays rent for office space, $680 for the month.
Oct. 5
Receives $650 from patients on account.
Oct. 5
Purchases dental supplies for cash $743.
Oct. 8
Receive cash of $1,225 from patients for services performed.
Oct. 10
Pays miscellaneous office expenses, $230.
Oct. 12
Bills patients $5,620 for services performed.
Oct. 15
Pays Green Jacket Co. on account, $3,500.
Oct. 15
Withdraws $4,000 cash from the business for personal use.
Oct. 20
Receives $1,080 from patients on account.
Oct. 25
Bills patients $4,110 for services performed.
Oct. 30
Pays the following expenses in cash. Salaries and wages $1,800; miscellaneous office expenses $125.
Oct. 31
Dental Supplies used during September, $425
Oct. 31
Receives $65 interest income on deposit accounts.
Oct. 31
Reserve for Uncollectible Accounts of $750.00
Oct. 31
Accounts deemed uncollectible of $75
Oct. 31
Prepares Closing Entries for Oct.
Nov. 1
Maintenance on equipment of $125, paid w/ cash.
Nov. 1
Invests in Research & Development with other dentists of $2,500 on account
Nov. 2
Pays rent for office space, $680 for the month.
Nov. 5
Receives $2,510 from patients on account.
Nov. 5
Purchases dental supplies for cash $325.
Nov. 8
Receive cash of $2,225 from patients for services performed.
Nov. 10
Pays miscellaneous office expenses, $310.
Nov. 12
Bills patients $5,125 for services performed.
Nov. 15
Pays Green Jacket Co. remaining balance.
Nov. 15
Withdraws $2,500 cash from the business for personal use.
Nov. 20
Receives $8,180 from patients on account.
Nov. 25
Bills patients $3,875 for services performed.
Nov. 30
Pays the following expenses in cash. Salaries and wages $1,800; miscellaneous office expenses $95.
Nov. 30
Dental Supplies used during September, $625
Nov. 30
Receives $54 interest income on deposit accounts.
Nov. 30
Reserve for Uncollectible Accounts of $1,250
Nov. 30
Accounts deemed uncollectible of $87
Nov. 30
Prepares Closing Entries for Nov.
Dec. 1
Maintenance on equipment of $55, paid on account.
Dec. 1
Invests in Research & Development with other dentists of $1,200 on account
Dec. 1
Pays $1,500 on R&D payable.
Dec. 2
Pays rent for office space, $680 for the month.
Dec. 5
Receives $3,125 from patients on account.
Dec. 5
Purchases dental supplies for cash $525.
Dec. 8
Receive cash of $3,575 from patients for services performed.
Dec. 10
Pays miscellaneous office expenses, $175.
Dec. 12
Bills patients $4,975 for services performed.
Dec. 20
Receives $6,757 from patients on account.
Dec. 25
Bills patients $4,125 for services performed.
Dec. 30
Pays the following expenses in cash. Salaries and wages $1,900; miscellaneous office expenses $45.
Dec. 31
Dental Supplies used during September, $415
Dec. 31
Receives $26 interest income on deposit accounts.
Dec. 31
Reserve for Uncollectible Accounts of $1,450
Dec. 31
Accounts deemed uncollectible of $186
Dec. 31
Prepares Closing Entries for Dec.
Provide trial balance for each October, November & December; Provide balance sheet for each October, November & December & provide statement of cash flows for end of year
Sept. 1
McDaniel begins a practice as a dentist and invests $40,000 cash
Sept. 2
Purchases dental equipment on account from Green Jacket Co. for $17,280, 5 year useful life, straight line method.
Sept. 4
Pays rent for office space, $680 for the month.
Sept. 4
Employs a receptionist, Michael Bradley.
Sept. 5
Purchases dental supplies for cash $942.
Sept. 8
Receive cash of $1,690 from patients for services performed.
Sept. 10
Pays miscellaneous office expenses, $430.
Sept. 14
Bills patients $5,820 for services performed.
Sept. 18
Pays Green Jacket Co. on account, $3,600.
Sept. 19
Withdraws $3,000 cash from the business for personal use.
Sept. 20
Receives $980 from patients on account.
Sept. 25
Bills patients $2,110 for services performed.
Sept. 30
Pays the following expenses in cash. Salaries and wages $1,800; miscellaneous office expenses $85.
Sept. 30
Dental Supplies used during September, $330
Sept. 30
Receives $120 in interest income on deposit accounts.
Sept. 30
Reserve for Uncollected Receivables of $500
Sept. 30
Prepares Closing Entries for Sept.
Oct. 1
Purchases dental equipment w/ cash from Smiling Teeth for 12,000, 5 year useful life, straight line method.
Oct. 2
Pays rent for office space, $680 for the month.
Oct. 5
Receives $650 from patients on account.
Oct. 5
Purchases dental supplies for cash $743.
Oct. 8
Receive cash of $1,225 from patients for services performed.
Oct. 10
Pays miscellaneous office expenses, $230.
Oct. 12
Bills patients $5,620 for services performed.
Oct. 15
Pays Green Jacket Co. on account, $3,500.
Oct. 15
Withdraws $4,000 cash from the business for personal use.
Oct. 20
Receives $1,080 from patients on account.
Oct. 25
Bills patients $4,110 for services performed.
Oct. 30
Pays the following expenses in cash. Salaries and wages $1,800; miscellaneous office expenses $125.
Oct. 31
Dental Supplies used during September, $425
Oct. 31
Receives $65 interest income on deposit accounts.
Oct. 31
Reserve for Uncollectible Accounts of $750.00
Oct. 31
Accounts deemed uncollectible of $75
Oct. 31
Prepares Closing Entries for Oct.
Nov. 1
Maintenance on equipment of $125, paid w/ cash.
Nov. 1
Invests in Research & Development with other dentists of $2,500 on account
Nov. 2
Pays rent for office space, $680 for the month.
Nov. 5
Receives $2,510 from patients on account.
Nov. 5
Purchases dental supplies for cash $325.
Nov. 8
Receive cash of $2,225 from patients for services performed.
Nov. 10
Pays miscellaneous office expenses, $310.
Nov. 12
Bills patients $5,125 for services performed.
Nov. 15
Pays Green Jacket Co. remaining balance.
Nov. 15
Withdraws $2,500 cash from the business for personal use.
Nov. 20
Receives $8,180 from patients on account.
Nov. 25
Bills patients $3,875 for services performed.
Nov. 30
Pays the following expenses in cash. Salaries and wages $1,800; miscellaneous office expenses $95.
Nov. 30
Dental Supplies used during September, $625
Nov. 30
Receives $54 interest income on deposit accounts.
Nov. 30
Reserve for Uncollectible Accounts of $1,250
Nov. 30
Accounts deemed uncollectible of $87
Nov. 30
Prepares Closing Entries for Nov.
Dec. 1
Maintenance on equipment of $55, paid on account.
Dec. 1
Invests in Research & Development with other dentists of $1,200 on account
Dec. 1
Pays $1,500 on R&D payable.
Dec. 2
Pays rent for office space, $680 for the month.
Dec. 5
Receives $3,125 from patients on account.
Dec. 5
Purchases dental supplies for cash $525.
Dec. 8
Receive cash of $3,575 from patients for services performed.
Dec. 10
Pays miscellaneous office expenses, $175.
Dec. 12
Bills patients $4,975 for services performed.
Dec. 20
Receives $6,757 from patients on account.
Dec. 25
Bills patients $4,125 for services performed.
Dec. 30
Pays the following expenses in cash. Salaries and wages $1,900; miscellaneous office expenses $45.
Dec. 31
Dental Supplies used during September, $415
Dec. 31
Receives $26 interest income on deposit accounts.
Dec. 31
Reserve for Uncollectible Accounts of $1,450
Dec. 31
Accounts deemed uncollectible of $186
Dec. 31
Prepares Closing Entries for Dec.
Explanation / Answer
Trial Balance Sept Oct Nov Dec Cash $32,253 $12,195 $9,149 $17,807 Dental Supplies $612 $930 $630 $740 Accounts receivable $4,840 $12,765 $10,988 $10,020 Allowance for uncollectible receivables $500 $675 $1,163 $1,264 Equipment $17,280 $29,280 $29,280 $29,280 Accumulated Depreciation $288 $776 $1,264 $1,752 Mc Daniel Capital $40,000 $40,000 $40,000 $40,000 MC Daniel Drawing $3,000 $7,000 $9,500 $9,500 $0 Accounts Payable $13,680 $10,180 $0 $55 R&D payable $2,500 $2,200 Service Revenue $7,510 $18,465 $29,690 $42,365 Interest income $120 $185 $239 $265 Rent $680 $1,360 $2,040 $2,720 Office expenses $515 $870 $1,275 $1,495 Salaries and Wages $1,800 $3,600 $5,400 $7,300 Supplies expenses $330 $755 $1,380 $1,795 Bad Debts $500 $750 $1,325 $1,612 Depreciation $288 $776 $1,264 $1,752 Maintenance $125 $180 Research and Development $2,500 $3,700 Total $62,098 $62,098 $70,281 $70,281 $74,856 $74,856 $87,901 $87,901 Balance Sheet September October November December Assets Current Assets: Cash $32,253 $12,195 $9,149 $17,807 Dental Supplies $612 $930 $630 $740 Accounts receivable $4,840 $12,765 $10,988 $10,020 Allowance for uncollectible receivables ($500) ($675) ($1,163) ($1,264) Total Current Assets $37,205 $25,215 $19,604 $27,303 Fixed Assets Equipment $17,280 $29,280 $29,280 $29,280 Accumulated Depreciation ($288) $16,992 ($776) $28,504 ($1,264) $28,016 ($1,752) $27,528 Total Assets $54,197 $53,719 $47,620 $54,831 Liabilities Current Liabilities: Accounts Payable $13,680 $10,180 $0 $55 R&D Payable $2,500 $2,200 Owner's Equity Mc Daniel Capital $40,000 $40,000 $40,000 $40,000 MC Daniel Drawing ($3,000) ($7,000) ($9,500) ($9,500) Retained Earnings $3,517 $10,539 $14,620 $22,076 Total Owners Equity $40,517 $43,539 $45,120 $52,576 Total Liabilities and Owner's Equity $54,197 $53,719 $47,620 $54,831
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