Question

Dr. Guru opened a dental clinic on August 2016. The business transactions for August are shown below:
1. Dr. Guru invested 280,000 cash in the business in exchange for shares of capital stock.
2. Land and building was purchased for 400,000. Of this amount 60,000 applied to land and 340,000 to the building. A cash payment of 80,000 was made and a note payable was issued for the remaining balance.
3. Medical instruments were purchased for 75,000.
4. Office equipment and furniture’s were purchased for 25,000. Of this amount 10,000 paid in cash and remaining balance in 15 days.
5. Office supplies were purchased for the 4,200.
6. Dr. Guru billed patients 13,000 for services provided. Of this amount, 1000 was received in cash and 12,000 were billed on account.
7. Paid employees 2200 for salaries earned in august.
8. Received a 500 payment on the 12,000 account receivable.

Requirement
Prepare Journal Entries for each transaction for August 2016.z




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Answer 1

Answer:

good dental clinic is important