Ask Question, Ask an Expert

+61-413 786 465

info@mywordsolution.com

Ask Auditing Expert

Problem

Listed below are the transactions of John Kawabata, D.D.S., for the month of September.

Sept. 1 Kawabata begins practice as a dentist and invests $21,480 cash.

2 Purchases dental equipment on account from Green Jacket Co. for $19,140.

4 Pays rent for office space, $763 for the month.

4 Employs a receptionist, Michael Bradley.

5 Purchases dental supplies for cash, $966.

8 Receives cash of $1,720 from patients for services performed.

10 Pays miscellaneous office expenses, $450.

14 Bills patients $6,090 for services performed.

18 Pays Green Jacket Co. on account, $4,390.

19 Withdraws $3,980 cash from the business for personal use.

20 Receives $1,070 from patients on account.

25 Bills patients $2,620 for services performed.

30 Pays the following expenses in cash: Salaries and wages $3,400; miscellaneous office expenses $98. (Record each separately.)

30 Dental supplies used during September, $370.

Record depreciation using a 5-year life on the equipment, the straight-line method, and no salvage value.

a) Enter the transactions shown above in appropriate general ledger accounts (use T-accounts). Use the following ledger accounts: Cash, Accounts Receivable, Supplies, Equipment, Accumulated Depreciation-Equipment, Accounts Pay- able, Owner's Capital, Service Revenue, Rent Expense, Office Expense, Salaries and Wages 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 equipment, the straight-line method, and no salvage value. Do not use a drawing account.

(b) Prepare a trial balance.

(c) Prepare an income statement, a statement of owner's equity, and an unclassified balance sheet.

(d) Close the ledger.

(e) Prepare a post-closing trial balance.

Auditing, Accounting

  • Category:- Auditing
  • Reference No.:- M92740889

Have any Question?


Related Questions in Auditing

Questionit has been recommended that lsquoaudit working

Question It has been recommended that ‘Audit working papers should always be sufficiently complete and detailed to enable an experienced auditor with no previous connection with the audit subsequently to ascertain from t ...

Audit assurance and compliance assignment -topic how is

Audit, Assurance and Compliance Assignment - Topic: How is Enhanced Auditor Reporting being embraced in Australia? Background and Context: Since 2016, there has been a strong push to improve the quality of audit reportin ...

Assignment -background you are an intermediate member of

Assignment - Background: You are an intermediate member of your firm's audit team and the audit partner has asked you to assist with the planning stage of the audit for a small client. You have access to the preliminary ...

Question 1while assessing the risk of material misstatement

Question 1 While assessing the risk of material misstatement and determining the appropriate response with regard to the inventory of Computing Solutions Limited (Computing Solutions) for the 30 June 2018 audit, you beco ...

Group assignment themedeveloping an audit program for a

Group Assignment Theme: "Developing an Audit Program for a selected ASX listed Company" The objective of this group assignment is to provide you with an opportunity to design a "risk-based" audit program for a real world ...

Audit current file -mighty mining ltdaudit tasks1

AUDIT CURRENT FILE -MIGHTY MINING LTD AUDIT TASKS: 1. ACCEPTANCE DECISION - AUDIT OF MIGHTY MINING LTD 2018 - Assess whether it is ethical for BMS to accept the audit engagement of MML for 2018. Refer to APES110 (2017 ve ...

Assignment overviewassignment descriptionchoose a publicly

Assignment Overview Assignment Description Choose a publicly traded company, and research its annual report. (If you cannot find it online, you can go to the U.S. securities and Exchange Commission Web site and locate a ...

Case - target energyin this assignment you are assumed to

Case - Target energy In this assignment you are assumed to be an auditor who has just been appointed by your auditing firm to perform the audit at a particular client. You are in the process of understanding the client a ...

Audit assurance and compliance assignment -topic how is

Audit, Assurance and Compliance Assignment - Topic: How is Enhanced Auditor Reporting being embraced in Australia? Background and Context: Since 2016, there has been a strong push to improve the quality of audit reportin ...

Audit assurance and compliance assignment -topic how is

Audit, Assurance and Compliance Assignment - Topic: How is Enhanced Auditor Reporting being embraced in Australia? Background and Context: Since 2016, there has been a strong push to improve the quality of audit reportin ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

Why might a bank avoid the use of interest rate swaps even

Why might a bank avoid the use of interest rate swaps, even when the institution is exposed to significant interest rate

Describe the difference between zero coupon bonds and

Describe the difference between zero coupon bonds and coupon bonds. Under what conditions will a coupon bond sell at a p

Compute the present value of an annuity of 880 per year

Compute the present value of an annuity of $ 880 per year for 16 years, given a discount rate of 6 percent per annum. As

Compute the present value of an 1150 payment made in ten

Compute the present value of an $1,150 payment made in ten years when the discount rate is 12 percent. (Do not round int

Compute the present value of an annuity of 699 per year

Compute the present value of an annuity of $ 699 per year for 19 years, given a discount rate of 6 percent per annum. As