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    Assignment 1-Introduction To Accounting

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    Talal Ahmad
    This document provides an accounting assignment for a dental clinic owned by Dr. Filler. It lists various business transactions that occurred in August, including purchasing land, equipment, supplies, and paying salaries. Students are instructed to prepare journal entries, ledger accounts, a trial balance as of August 31, a monthly income statement, statement of retained earnings, and balance sheet to complete the assignment. The deadline for the assignment is October 17 and any late or copied submissions will receive zero credit.

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    Assignment 1-Introduction To Accounting

    Uploaded by

    Talal Ahmad
    91 views1 page
    This document provides an accounting assignment for a dental clinic owned by Dr. Filler. It lists various business transactions that occurred in August, including purchasing land, equipment, supplies, and paying salaries. Students are instructed to prepare journal entries, ledger accounts, a trial balance as of August 31, a monthly income statement, statement of retained earnings, and balance sheet to complete the assignment. The deadline for the assignment is October 17 and any late or copied submissions will receive zero credit.

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    Assignment 1-Introduction to Accounting

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    This document provides an accounting assignment for a dental clinic owned by Dr. Filler. It lists various business transactions that occurred in August, including purchasing land, equipment, supplies, and paying salaries. Students are instructed to prepare journal entries, ledger accounts, a trial balance as of August 31, a monthly income statement, statement of retained earnings, and balance sheet to complete the assignment. The deadline for the assignment is October 17 and any late or copied submissions will receive zero credit.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    91 views1 page

    Assignment 1-Introduction To Accounting

    Uploaded by

    Talal Ahmad
    This document provides an accounting assignment for a dental clinic owned by Dr. Filler. It lists various business transactions that occurred in August, including purchasing land, equipment, supplies, and paying salaries. Students are instructed to prepare journal entries, ledger accounts, a trial balance as of August 31, a monthly income statement, statement of retained earnings, and balance sheet to complete the assignment. The deadline for the assignment is October 17 and any late or copied submissions will receive zero credit.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 1

    Introduction to Accounting

    Assignment 1
    Deadline: October 17, 2014
    All assignments copied from each other and late submission would have zero credit
    Dr. Filler, DMD, opened a dental clinic on August 1. The business transactions for August are shown below: (15)
    Aug. 1 Dr. Filler invested $250,000 cash in the business in exchange for 1,000 shares of capital stock.
    Aug. 4 Land and a building were purchased for $320,000. Of this amount, $85,000 applied to the land, and
    $235,000 to the building. A cash payment of $85,000 was made at the time of the purchase, and a note
    payable was issued for the remaining balance.
    Aug. 9 Medical instruments were purchased for $62,000 cash.
    Aug. 16 Office fixtures and equipment were purchased for $30,000. Dr. Filler paid $5,000 at the time of purchase
    and agreed to pay the entire remaining balance in 15 days.
    Aug. 21 Office supplies expected to last several months were purchased $3,500 cash.
    Aug. 24 Dr. Filler billed patients $12,500 for services rendered. Of this amount, $2,500 was received in cash, and
    $10,000 was billed on account (due in 30 days).
    Aug. 27 A $500 invoice was received for several newspaper advertisements placed in August. The entire amount is
    due on September 8.
    Aug. 28 Received a $400 payment on the $10000 account receivable recorded August 24.
    Aug. 31 Paid employees $2,700 for salaries earned in August.
    Aug. 31 Paid dividends to shareholders Rs. 2000
    Instructions
    a. Prepare journal entries (10)
    b. Prepare Ledger accounts (also balance off all the ledger accounts) (20)
    c. Extract a trial balance as on Aug. 31, 2014 (10)
    d. Prepare income statement for the month ended on Aug. 31, 2014 (10)
    e. Prepare statement of retained earnings for the month ended on Aug. 31, 2014 (5)
    f. Prepare balance sheet as on Aug. 31, 2014 (20)

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