Question - Listed below are the transactions of Kwabata, D.D.S., for the month of September
Sept.1 Kwabata begins parctice as a dentist and invest $20,000 cash.
Sept. 2 Purchase dental equipment on account for $17,280.
Sept. 4 Pays rent for office space, $680 for the month.
Sept. 5 Purchases dental supplies for cash, $942.
Sept. 8 Receices cash of $1690 from patients for services performed.
Sept.10 Pays miscellaneous office expenses, $430.
Sept.14 Bills patients $5,820 for services performed.
Sept.18 Pays on account, $3,600.
Sept. 19 Withdraws $3,000 cash from the bussines for personal use.
Sept.20 Receives $980 from patients on account.
Sept.25 Bills patients $2110 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.
Enter the transactions in appropriate general ledger using T-accounts. Record depreciation using a 5-year life on the equipment, the straight-line method, and no salvage value. Do not use a drawing account.
a) Prepare a trial balance.
b) Prepare an income statement, a statement of owner's equity, and an unclassified balance sheet.
c) Close the ledger.
d) Prepare a post closing trial balance.