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  • Assignment 2

    Transféré par

    David Lee
    11 vues2 pages
    1) The general journal records transactions from August 1-31 for a dental business, including depositing capital, purchasing equipment on credit, withdrawing a loan, purchasing supplies with cash, receiving cash for services, paying wages in cash, performing services on credit, withdrawing a cash draw, paying advertising expenses in cash, repaying the amount due for equipment, receiving more cash for services, and paying interest expense on a loan. 2) Key transactions include depositing $20,000 capital, purchasing $35,000 of dental equipment on credit, withdrawing a $20,500 loan, and repaying $1,200 of the amount due for the dental equipment. 3) The journal tracks increases and decreases to

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    1) The general journal records transactions from August 1-31 for a dental business, including depositing capital, purchasing equipment on credit, withdrawing a loan, purchasing supplies with cash, receiving cash for services, paying wages in cash, performing services on credit, withdrawing a cash draw, paying advertising expenses in cash, repaying the amount due for equipment, receiving more cash for services, and paying interest expense on a loan. 2) Key transactions include depositing $20,000 capital, purchasing $35,000 of dental equipment on credit, withdrawing a $20,500 loan, and repaying $1,200 of the amount due for the dental equipment. 3) The journal tracks increases and decreases to

    Droits d'auteur :

    Attribution Non-Commercial (BY-NC)
    Téléchargez comme DOCX, PDF, TXT ou lisez en ligne sur Scribd
    Signaler comme contenu inapproprié
    11 vues2 pages

    Assignment 2

    Transféré par

    David Lee
    1) The general journal records transactions from August 1-31 for a dental business, including depositing capital, purchasing equipment on credit, withdrawing a loan, purchasing supplies with cash, receiving cash for services, paying wages in cash, performing services on credit, withdrawing a cash draw, paying advertising expenses in cash, repaying the amount due for equipment, receiving more cash for services, and paying interest expense on a loan. 2) Key transactions include depositing $20,000 capital, purchasing $35,000 of dental equipment on credit, withdrawing a $20,500 loan, and repaying $1,200 of the amount due for the dental equipment. 3) The journal tracks increases and decreases to

    Droits d'auteur :

    Attribution Non-Commercial (BY-NC)
    Téléchargez comme DOCX, PDF, TXT ou lisez en ligne sur Scribd
    Signaler comme contenu inapproprié
    sur 2

    General Journal

    G1
    Date Account Titles and Explanation Ref Debit Credit
    August 1 Cash 101 20000
    J. Lim, Capital 301 20000

    (Deposited cash into business bank account)

    August 2 Dental Equipment 130 35000


    Accounts Payable 201 35000
    (Purchased Dental Equipment on credit)

    August 4 Cash 101 20500


    Loan 210 20500
    (Withdrew loan from bank)

    August 6 Office Supplies 140 400


    Cash 101 400
    (Purchased Office Supplies with cash)

    August 11 Cash 101 4000


    Dental Services Revenue 400 4000
    (Cash Received for Dental Services Performed)

    August 12 Wages Expense 512 600


    Cash 101 600
    (Paid Wages to employees)

    August 17 Accounts Receivable 120 2300


    Dental Services Revenue 400 2300
    (Performed Dental Services on credit)

    August 18 J. Lim, Drawings 302 300


    Cash 101 300
    (Withdrew cash for personal use)

    August 19 Advertising Expense 522 325


    Cash 101 325
    (Paid Advertising expenses with cash)

    August 28 Accounts Payable 201 1200


    Cash 101 1200
    (Repaid amount due for dental equipment purchased on
    credit)

    August 31 Cash 101 1200


    Dental Services Revenue 400 1200
    (Received cash for dental services performed)

    August 31 Interest Expense 532 570


    Cash 101 570
    (Paid Interest expense on loan)

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