EBK ACCOUNTING PRINCIPLES
13th Edition
ISBN: 9781119411017
Author: Weygandt
Publisher: WILEY
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Students have asked these similar questions
Presented below is financial information for two different companies.
Compute the missing amounts.
Blue Company
Kingbird Company
Sales revenue
85,600
(d)
Sales returns and allowances
(a)
4,670
Net sales
84,280
103,570
Cost of goods sold
56,670
(e)
Gross profit
(b)
36,830
Operating expenses
15,060
22,370
Net income
(c)
14,460
Jennifer Davis, D.D.S., opened a dental practice on January 1, 2025. During the first month of operations, the following transactions
pccurred.
1.
2.
3.
4.
5.
Performed services for patients who had dental plan insurance. At January 31, $797 of such services was performed but not
yet billed to the insurance companies.
Utility expenses incurred but not paid prior to January 31 totaled $469.
Purchased dental equipment on January 1 for $75,000, paying $20,000 in cash and signing a $55,000, 3-year note payable.
(a) The equipment depreciates $383 per month. (b) Interest is $450 per month.
Purchased a one-year malpractice insurance policy on January 1 for $11,400.
Purchased $1,529 of dental supplies. On January 31, determined that $470 of supplies were on hand.
Prepare the adjusting entries on January 31. Account titles are Accumulated Depreciation-Equipment, Depreciation Expense,
Service Revenue, Accoufits Receivable, Insurance Expense, Interest Expense, Interest Payable, Prepaid Insurance,…
Linda Williams, D.D.S., opened a dental practice on January 1, 2020. During the first month of operations, the following transactions occurred.
1.
Performed services for patients who had dental plan insurance. At January 31, $818 of such services was performed but not yet billed to the insurance companies.
2.
Utility expenses incurred but not paid prior to January 31 totaled $500.
3.
Purchased dental equipment on January 1 for $83,000, paying $18,000 in cash and signing a $65,000, 3-year note payable. (a) The equipment depreciates $378 per month. (b) Interest is $450 per month.
4.
Purchased a one-year malpractice insurance policy on January 1 for $12,360.
5.
Purchased $1,717 of dental supplies. On January 31, determined that $540 of supplies were on hand.
Prepare the adjusting entries on January 31. Account titles are Accumulated Depreciation—Equipment, Depreciation Expense, Service Revenue, Accounts Receivable, Insurance Expense, Interest Expense, Interest…
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- Sandra, D.D.S., opened an incorporated dental practice on January 1, 2025. During the first month of operations, the following transactions occurred. 1 Performed services for patients who had dental plan insurance. At January 31, $840 of such services was completed but not yet billed to the insurance companies. 2. Utility expenses incurred but not paid prior to January 31 totaled $450. 3. 4. 5. Purchased dental equipment on January 1 for $86,850, paying $29,150 in cash and signing a $57,700, 3-year note payable (interest is paid each December 31). The equipment depreciates $550 per month. Interest is $670 per month. Purchased a 1-year malpractice insurance policy on January 1 for $25,500. Purchased $2,190 of dental supplies (recorded as increase to Supplies). On January 31, determined that $580 of supplies were on hand. Prepare the adjusting entries on January 31. Account titles are Accumulated Depreciation-Equipment, Depreciation Expense. Service Revenue, Accounts Receivable,…arrow_forwardKaren Weller, D.D.S., opened a dental practice on January 1, 2020. During the first month of operations, the following transactions occurred. 1. Performed services for patients who had dental plan insurance. At January 31, $750 of such services was performed but not yet billed to the insurance companies. 2. Utility expenses incurred but not paid prior to January 31 totaled $520. 3. Purchased dental equipment on January 1 for $80,000, paying $20,000 in cash and signing a $60,000, 3-year note payable. The equipment depreciates $400 per month. Interest is $500 per month. 4. Purchased a one-year malpractice insurance policy on January 1 for $12,000. 5. Purchased $1,600 of dental supplies. On January 31, determined that $500 of supplies were on hand. Instructions Prepare the adjusting entries on January 31. (Omit explanations.) Account titles are Accumulated Depreciation—Equipment, Depreciation Expense, Service Revenue, Accounts Receivable, Insurance Expense, Interest…arrow_forwardSteve Williams, D.D.S., opened a dental practice on January 1, 2020. During the first month of operations, the following transactions occurred. 1. Performed services for patients who had dental plan insurance. At January 31, $818 of such services was performed but not yet billed to the insurance companies. 2. Utility expenses incurred but not paid prior to January 31 totaled $500. 3. Purchased dental equipment on January 1 for $83,000, paying $18,000 in cash and signing a $65,000, 3-year note payable. (a) The equipment depreciates $378 per month. (b) Interest is $450 per month. 4. Purchased a one-year malpractice insurance policy on January 1 for $12,360. 5. Purchased $1,717 of dental supplies. On January 31, determined that $540 of supplies were on hand. Prepare the adjusting entries on January 31.arrow_forward
- Kimberly Young, D.D.S., opened a dental practice on January 1, 2020. During the first month of operations, the following transactions occurred. 1. Performed services for patients who had dental plan insurance. At January 31, $800 of such services was performed but not yet billed to the insurance companies. 2. Utility expenses incurred but not paid prior to January 31 totaled $560. 3. Purchased dental equipment on January 1 for $84,000, paying $19,000 in cash and signing a $65,000, 3-year note payable. (a) The equipment depreciates $410 per month. (b) Interest is $550 per month. 4. Purchased a one-year malpractice insurance policy on January 1 for $12,360. 5. Purchased $1,639 of dental supplies. On January 31, determined that $490 of supplies were on hand. Prepare the adjusting entries on January 31. Account titles are Accumulated Depreciation—Equipment, Depreciation Expense, Service Revenue, Accounts Receivable, Insurance Expense, Interest Expense, Interest…arrow_forwardDonna Clark, D.D.S., opened a dental practice on January 1, 2022. During the first month of operations, the following transactions occurred. 1. Performed services for patients who had dental plan insurance. At January 31, $880 of such services was completed but not yet billed to the insurance companies. 2. Utility expenses incurred but not paid prior to January 31 totaled $660. 3. Purchased dental equipment on January 1 for $86,000, paying $27,000 in cash and signing a $59,000, 3-year note payable (interest is paid each December 31). The equipment depreciates $430 per month. Interest is $590 per month. 4. Purchased a 1-year malpractice insurance policy on January 1 for $22,680. 5. Purchased $1,500 of dental supplies (recorded as increase to Supplies). On January 31, determined that $500 of supplies were on hand.arrow_forwardCarol Garcia, D.D.S., opened a dental practice on January 1, 2022. During the first month of operations, the following transactions occurred. 1. Performed services for patients who had dental plan insurance. At January 31, $880 of such services was completed but not yet billed to the insurance companies. 2. Utility expenses incurred but not paid prior to January 31 totaled $630. 3. Purchased dental equipment on January 1 for $82,000, paying $29,000 in cash and signing a $53,000, 3-year note payable (interest is paid each December 31). The equipment depreciates $410 per month. Interest is $530 per month. 4. Purchased a 1-year malpractice insurance policy on January 1 for $24,960. 5. Purchased $1,600 of dental supplies (recorded as increase to Supplies). On January 31, determined that $500 of supplies were on hand. Prepare the adjusting entries on January 31arrow_forward
- 5. Dr. Abdullah started a clinic in Muscat on 1" January 2019, During the first month of operations the following transactions occurred. (a) Performed services for patients, who have health insurance, at January 31, OMR 500 of such services was earned but not yet recorded. (b) Utility expenses incurred but not paid prior to January 31 totaled OMR 300. (c) Purchased OMR500 of dental supplies. On January 31, determined that OMR 100 of supplies were on hand. Required: Prepare the adjusting entries on January 31arrow_forwardEvan Watts opened a dental practice on January 1, 2021. During the first month of operations, the following transactions occurred. 1. Watts performed services for patients totalling $2,310. These services have not yet been recorded. 2. Utility expenses incurred but not paid prior to January 31 totalled $380. 3. Purchased dental equipment on January 1 for $90,000, paying $21,400 in cash and signing a $68,600, three-year note payable. The equipment depreciates $500 per month. Interest is $640 per month. 4. Purchased a one-year malpractice insurance policy on January 1 for $10,200. 5. Purchased $2,520 of dental supplies. On January 31, determined that $810 of supplies were on hand. Prepare the adjusting entries on January 31.arrow_forwardPrepare the journal entries for the following transactions, provided the chart accounts below: DATE:APRIL 2022TransactionsApril 01 -Completion of a denture worth 6,000 April 02 - Received 7,000 in total from appointed patients for the whole dayApril 03 -received 7,000 in total from appointed patients for the whole dayApril 04 -received 2,500 in total from appointed patientsApril 05- paid 36,000 for car loan for business/personal useApril 06- received 1,500 from one patient that dayApril 07 -received 3,000 from appointed patients that dayApril 08- purchased dental supplies, 4,500April 09- received 4,000 from appointed patients April 10-received 3,000 in total from appointed patients April 11-received 1,500 from one patient that dayApril 12-paid 10,000 for dental laboratory feeApril 13-received 20,000 from a prosthodontic caseApril 15-paid 13,000 for a lot for future investment/businessApril 15 -paid 7,500 for dental assistantApril 16-received 2500 in total from appointed patientsApril…arrow_forward
- Received a $2 cash deposit on December 10 from a hospital for a contract to start January 5, 2019. Record the transaction.arrow_forwardFrancis Mayberry, M.D., maintains the accounting records of Mayberry Clinic on a cash basis. During 2020, Dr. Mayberry collected $134,269 from her patients and paid $50,926 in expenses. At January 1, 2020, and December 31, 2020, she had accounts receivable, unearned service revenue, accrued expenses, and prepaid expenses as follows. (All long-lived assets are rented.) January 1, 2020 December 31, 2020 Accounts receivable $8,768 $14,914 Unearned service revenue 2,908 3,733 Accrued expenses 3,444 2,049 Prepaid expenses 1,835 3,239 Prepare a schedule that converts Dr. Mayberry’s "excess of cash collected over cash disbursed" for the year 2020 to net income on an accrual basis for the year 2020.arrow_forwardTamarisk, Inc., opened an incorporated dental practice on January 1, 2022. During the first month of operations, the following transactions occurred. Performed services for patients who had dental plan insurance. At January 31, $780 of such services was completed but not yet billed to the insurance companies. 1. 2. Utility expenses incurred but not paid prior to January 31 totaled $710. Purchased dental equipment on January 1 for $80,500, paying $21,200 in cash and signing a $59,300, 3-year note payable (interest is paid each December 31). The equipment depreciates $510 per month. Interest is $700 per month. 3. 4. Purchased a 1-year malpractice insurance policy on January 1 for $24,000. 5. Purchased $2,170 of dental supplies (recorded as increase to Supplies). On January 31, determined that $640 of supplies were on hand. Prepare the adjusting entries on January 31. Account titles are Accumulated Depreciation-Equipment, Depreciation Expense, Service Revenue, Accounts Receivable,…arrow_forward
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