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Chapter 2
P2-2A Emily Valley is a licensed dentist. During the first month of the operation of her business,
the following events and transaction occurred:
1. Invested $20,000 cash in her business
2. Hired a secretary receptionist at a salary of $700 per week payable monthly.
3. Paid office rent for the month $1,000
4. Purchased dental supplies on account from Dazzle Company $4,000
5. Received dental services and billed insurance companies $5,100
6. Received $1,000 cash advance from Leah Mataruka for an implant
7. Received $2,100 cash for services performed from Michael Santos
8. Paid secretary receptionist for the month $2,800
9. Paid $2,400 to Dazzle for accounts payable due
Answers:
a)
General Journal
J1
Date Account Tiles and Explanation Ref. Debit Credit
April .1 Cash 101 20,000
Owner’s Capital 301 20,000
(Owner’s investment of cash in business)
1 No entry required
b)
General Ledger
c)
Emily’s business
Trial balance
April 30, 2017
Debit Credit
Cash $16,800
Accounts Receivable 5,100
Supplies 4,000
Accounts payable 1,600
Unearned service 1,000
revenue
Owner’s Capital 20,000
Service revenue 7,200
Salaries and Wages 2,800
expense
Rent expenses 1,100
Total $29,800 $29,800
E2-14 The accounts in the ledger of Overnite Delivery Service contain the following balances
on July 31, 2017:
Prepare a trial balance with the accounts arranged as illustrated in the chapter and fill in the
missing amount for cash.
Answers:
Debit Credit
Cash ($78,821 – debit total $12,481
without cash $66,340)
Account Receivable 7,642
Prepaid Insurance 1,968
Equipment 49,360
Account Payable $8,396
Owner’s Capital 42,000
Owner’s Drawing 700
Salaries and Wages Payable 815
Notes Payable 17,000
Service Revenue 10,610
Salaries and Wages Expense 4,428
Gasoline Expense 758
Utilities Expense 523
Maintenance and Repairs 961
Expense
Total $78,821 $78,821