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CH3_3131_Example_1_solution0 - Chapter 3 Example#1 3131 1...

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Chapter 3 Example #1 3131 1. Dental Services, Inc. opened business September 1st of the year. Dr. Smith invests $20,000 cash in the business and receives 20,000 shares of $1.00 par common stock. 2. September 2nd: Purchased furniture and dental equipment on account for $17,280 from ABC. Co. 3. September 4th: Paid $680 in rent. 4. September 5th: Purchased supplies for cash, $942 5. September 8th: Receives $1690 from patients for dental services 6. September 10th: Pays miscellaneous office expenses $430 7. September 14th: Bills patients $5120 for services performed 8. September 18th: Pays $3600 to ABC company on Account. 9. September 20th: Receives $980 from patients on account 10. September 25th: Bills patients $2110 for services performed 11. September 30th: Pays the following expenses in cash: Office salaries $1400, Miscellaneous Office Expense $85 12. September 30th: Paid $300 dividend to stockholder. Adjusting entries: 1) Dental supplies at the end of the month are inventoried and are $612. 2) Depreciation expense is recorded for September. Use a 5 year life on the asset.
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