Problem NO: 1

Listed below are the transactions of\nYasunari Kawabata, D.D.S., for the month of September.\nSept. 1 Kawabata begins practice as a dentist and invests

Listed below are the transactions of

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Yasunari Kawabata, D.D.S., for the month of September.

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Sept. 1 Kawabata begins practice as a dentist and invests $20,000 cash.

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2 Purchases dental equipment on account from Green Jacket Co. for $17,280.

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4 Pays rent for office space, $680 for the month.

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4 Employs a receptionist, Michael Bradley.

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5 Purchases dental supplies for cash, $942.

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8 Receives cash of $1,690 from patients for services performed.

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10 Pays miscellaneous office expenses, $430.

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14 Bills patients $5,820 for services performed.

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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.

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25 Bills patients $2,110 for services performed.

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30 Pays the following expenses in cash: Salaries and wages $1,800; miscellaneous office expenses $85.

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30 Dental supplies used during September, $330.

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Instructions

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(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

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Depreciation—Equipment, Accounts Payable, Owner’s Capital, Service Revenue, Rent Expense,

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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.

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(b) Prepare a trial balance.

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

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(d) Close the ledger.

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(e) Prepare a post-closing trial balance.

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