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.
Instructions:
(a) Enter the transactions shown above in appropriate general ledger accounts (i.e. T-Accounts). Use the following ledger accounts: Cash, Accounts Receivable, Allowance for Uncollectible A/R, Supplies, Equipment, Accumulated Depreciation – Equipment, Accounts Payable, Owner’s Capital, Revenue, Interest Income, Salaries/Wages Expense, Rent Expense, Repairs & Maintenance Exp, Research & Development Expense, Office Expenses, Supplies Expense, Depreciation Expense, Bad Debt Expense, and other applicable accounts.
