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21 June, 08:29

Vera Ernst is a licensed dentist. During the first month of the operation of her business, the following events and transactions occurred. April 1 Invested $23,000 cash in her business. 1 Hired a secretary-receptionist at a salary of $800 per week payable monthly. 2 Paid office rent for the month $1,1003 Purchased dental supplies on account from Dazzle Company $4,900.10 Performed dental services and billed insurance companies $4,600.11 Received $1,300 cash advance from Leah Mataruka for an implant. 20 Received $2,500 cash for services performed from Michael Santos. 30 Paid secretary-receptionist for the month $3,200.30 Paid $3,140 to Dazzle for accounts payable due. Journalize the transactions.

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  1. 21 June, 08:47
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    The journal entry for each transaction is given below.

    April 1 Invested $23,000 cash in her business.

    Debit Cash Asset $ 23,000

    Credit Capital Account $ 23,000

    1 Hired a secretary-receptionist at a salary of $800 per week payable monthly.

    (No entry required)

    2 Paid office rent for the month $1,100

    Debit Rent Expense $ 1,100

    Credit Cash Asset $ 1,100

    3 Purchased dental supplies on account from Dazzle Company $4,900.

    Debit Supplies Inventory $ 4,900

    Credit Account Payable $ 4,900

    10 Performed dental services and billed insurance companies $4,600

    Debit Receivables account $ 4,600

    Credit Service Revenue $ 4,600

    .11 Received $1,300 cash advance from Leah Mataruka for an implant.

    Debit Cash Asset $ 1,300

    Credit Advance Income Liability $ 1,300

    20 Received $2,500 cash for services performed from Michael Santos.

    Debit Cash Asset Account $ 2,500

    Credit Receivable Account $ 2,500

    30 Paid secretary-receptionist for the month $3,200.

    Debit Salary Expense $ 3,200

    Credit Cash Asset $ 3,200

    30 Paid $3,140 to Dazzle for accounts payable due

    Debit Account Payable $ 3,140

    Credit Cash Asset $ 3,140
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