Question

In: Accounting

Vera Ernst is a licensed dentist. During the first month of the operation of her business,...

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 $18,000 cash in her business.
1 Hired a secretary-receptionist at a salary of $500 per week payable monthly.
2 Paid office rent for the month $1,200.
3 Purchased dental supplies on account from Dazzle Company $3,700.
10 Performed dental services and billed insurance companies $4,800.
11 Received $1,400 cash advance from Leah Mataruka for an implant.
20 Received $2,800 cash for services performed from Michael Santos.
30 Paid secretary-receptionist for the month $2,000.
30 Paid $2,420 to Dazzle for accounts payable due.
Journalize the transactions. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Date

Account Titles and Explanation

Debit

Credit

Apr. 1Apr. 2Apr. 3Apr. 10Apr. 11Apr. 20Apr. 30

(Owner’s investment of cash in business)

Apr. 1Apr. 2Apr. 3Apr. 10Apr. 11Apr. 20Apr. 30

(Hired a secretary-receptionist)

Apr. 1Apr. 2Apr. 3Apr. 10Apr. 11Apr. 20Apr. 30

(Paid monthly office rent)

Apr. 1Apr. 2Apr. 3Apr. 10Apr. 11Apr. 20Apr. 30

(Purchased supplies on account from Dazzle Company)

Apr. 1Apr. 2Apr. 3Apr. 10Apr. 11Apr. 20Apr. 30

(Billed clients for services performed)

Apr. 1Apr. 2Apr. 3Apr. 10Apr. 11Apr. 20Apr. 30

(Received cash for future service)

Apr. 1Apr. 2Apr. 3Apr. 10Apr. 11Apr. 20Apr. 30

(Received cash for services performed)

Apr. 1Apr. 2Apr. 3Apr. 10Apr. 11Apr. 20Apr. 30

(Paid monthly salary)

Apr. 1Apr. 2Apr. 3Apr. 10Apr. 11Apr. 20Apr. 30

(Paid Dazzle Company on account)

Solutions

Expert Solution

Date Account Titles and Explanation Debit Credit
Apr. 1 Cash        18,000
    Vera Ernst , Capital 18,000
(Owner’s investment of cash in business)
Apr. 1 No Entry Required
(Hired a secretary-receptionist)
Apr. 2 Rent Expense          1,200
    Cash     1,200
(Paid monthly office rent)
Apr. 3 Supplies          3,700
     Accounts Payable     3,700
(Purchased supplies on account from Dazzle Company)
Apr. 10 Accounts Receivable          4,800
     Service Revenue     4,800
(Billed clients for services performed)
Apr. 11 Cash          1,400
     Unearned Revenue     1,400
(Received cash for future service)
Apr. 20 Cash          2,800
     Service Revenue     2,800
(Received cash for services performed)
Apr. 30 Salary Expense          2,000
    Cash     2,000
(Paid monthly salary)
Apr. 30 Accounts Payable          2,420
    Cash     2,420
(Paid Dazzle Company on account)

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