Company Summary Our business objective is to provide beautiful smiles for our clients in a comfortable, friendly, and professional atmosphere. Our goal is to make everyone we encounter feel welcome and provide them with the knowledge of caring for their teeth and gums at an affordable rate. The company will provide patients the best service with a low-stress and comfortable environment, to know the demand for the different group of people, and to get the max marketing profit. Our dentitsry offers services such as cosmetics, fillings, root canals, oral surgeries, and x-rays that range in a variety of prices. Our main target are children from their first check-up at the dentist until they reach their teenage years. We also continue to accept those patients as well as nts in a to make knowledge of ny will provide onment, to know marketing oot canals, oral ist until they nts as well as No. 1 2 3 4 5 6 7 8 9 10 11 12 No. Date Jan. 1 Jan. 5 Jan. 10 Jan. 13 Jan. 15 Jan. 15 Jan. 19 Jan. 21 Jan. 23 Jan. 25 Jan. 26 Jan. 28 Transactions Invested $20,000 into the company Borrowed $80,000 from bank Purchased $ 22,000 on account Performed Service for 2 Fillings and Whiteing for $900.00 Performed Service for surgery for 3,000.00 on account Performed Service for $900.00 (Root Canal) Purchased Office Supplies on account for $200.00 Paid Rent on building at $500.00 Paid Salaries for company at $5,000.00 Performed Service for $1,500.00 (Cosmetic) Performed Service for $4,000.00 (Surgery) Paid Utility bill for $250.00 Journal Entries 1 1 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 9 10 10 11 11 12 12 Debit Cash Credit $ 20,000.00 Owners Equity Cash $ 20,000.00 $ 80,000.00 Notes Payable Equipment $ 80,000.00 $ 22,000.00 A/P Cash $ 22,000.00 $ 900.00 Service Revenue A/R $ 900.00 $ 3,000.00 Service Revenue Cash Service Revenue Office Supplies A/P Rent Expense Cash Salary Expense Cash Cash Service Revenue Cash Service Revenue Utilities Expense Cash $ 3,000.00 $ $ $ 900.00 $ 900.00 $ 200.00 $ 500.00 200.00 500.00 $ 5,000.00 $ 5,000.00 $ 1,500.00 $ 1,500.00 $ 4,000.00 $ 4,000.00 $ 250.00 $ 250.00 No. 1 2 3 4 5 6 7 8 9 10 11 12 No. Date Transactions Feb. 1 Feb. 5 Feb. 7 Feb. 11 Feb. 13 Feb. 17 Feb. 21 Feb. 21 Feb. 23 Feb. 24 Feb. 25 Feb. 28 Paid on loan (transaction 2) for$2000.00 Paid on Equipment (transaction 3) for $1,500.00 Performed Service (Filling) for $200.00 Performed Service (Cosmetic) for $500.00 Paid rent at $500.00 Paid utilities at $ 230.00 Customer paid $1,500.00 on account (transaction 5) Paid on a/p (office supplies) for $200.00 (transaction 7) Performed Service (Oral Surgery) for $2,500.00 Paid Salary at $5,000.00 Performed Service (Oral Surgery) for $6,000.00 Performed Service for $1,400.00, Customer paid $400.00 in Cash and charged remainin Journal Entries 1 1 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 9 10 10 11 11 12 12 12 Notes Payable Cash A/P Cash Cash Service Revenue Cash Service Revenue Rent Expense Cash Utilities Expense Cash Cash A/R A/P Cash Cash Service Revenue Salary Expense Cash A/R Service Revenue Cash A/R Service Revenue Debit Credit $ 2,000.00 $ 2,000.00 $ 1,500.00 $ 1,500.00 $ $ 200.00 $ 200.00 $ 500.00 $ 500.00 $ 230.00 500.00 $ 500.00 $ 230.00 $ 1,500.00 $ 1,500.00 $ 200.00 $ 200.00 $ 2,500.00 $ 2,500.00 $ 5,000.00 $ 5,000.00 $ 6,000.00 $ 6,000.00 $ 400.00 $ 1,000.00 $ 1,400.00 in Cash and charged remaining balance No. 1 2 3 4 5 6 7 8 9 10 11 12 No. Date Transactions Mar. 1 Mar. 3 Mar. 6 Mar. 10 Mar. 14 Mar. 18 Mar. 20 Mar. 23 Mar. 26 Mar. 29 Mar. 30 Mar. 31 Customer paid remaining balance of $1,500 on A/R (Transaction 5 from Jan.) Performed service (Oral surgery) for $5,550 Purchased office supplies for $300 Sold equipment for cash of $1000 Customer paid $2000 as an advance payment Paid rent expense of $500 Paid Salary Expense of $5000 Paid Notes payable of $2000 Paid Utility expense of $245 Performed service (Filling) for $500 Customer paid $3000 on account (transaction #11 from Feb.) Paid on equipment $1500 (transaction 3 from Jan.) Journal Entries 1 1 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 9 10 10 11 11 12 12 Debit Cash Credit $ 1,500.00 A/R A/R Service Revenue Office Supplies Cash Cash Service Revenue Cash Unearned Revenue Rent Expense Cash Salary Expense Cash Notes Payable Cash Utility Expense Cash Cash Service Revenue Cash A/R Accounts Payable Cash $ 1,500.00 $ 5,500.00 $ 5,500.00 $ 300.00 $ 300.00 $ 1,000.00 $ 1,000.00 $ 2,000.00 $ 2,000.00 $ 500.00 $ 500.00 $ 5,000.00 $ 5,000.00 $ 2,000.00 $ 2,000.00 $ $ 245.00 $ 245.00 $ 500.00 500.00 $ 3,000.00 $ 3,000.00 $ 1,500.00 $ 1,500.00 action 5 from Jan.) No. 1 2 3 4 5 6 7 8 9 10 11 12 No. Date Transactions Apr. 2 Apr. 5 Apr. 9 Apr. 11 Apr. 12 Apr. 16 Apr. 19 Apr. 23 Apr. 26 Apr. 26 Apr. 27 Apr. 30 Performed service (Oral surgery) for $5,000 Performed prepaid service for unearned revenue purchased in March of $2000 Performed service (Oral surgery) on account for $7000 Customer closed on account $3000 (Transaction 11 in Feb.) Paid rent expense of $500 Paid Notes Payable of $2000 Paid Salary expense of $5000 Paid Utilites of $220 Paid on equipment for $1500(transaction 3 in Jan.) Performed service for $2700 paid in cash Performed service for $5500, customer paid $500 cash and charged remaining balance Performed service of $1800 on A/R Journal Entries 1 1 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 9 10 10 11 11 11 12 12 Cash Service Revenue Unearned Revenue Service Revenue A/R Service Revenue Cash A/R Rent Expense Cash Notes Payable Cash Salary Expense Cash Utility Expense Cash Accounts Payable Cash Cash Service Revenue Cash A/R Service Revnue A/R Service Revenue Debit Credit $ 5,000.00 $ 5,000.00 $ 2,000.00 $ 2,000.00 $ 7,000.00 $ 7,000.00 $ 3,000.00 $ 3,000.00 $ 500.00 $ 500.00 $ 2,000.00 $ 2,000.00 $ 5,000.00 $ 5,000.00 $ 220.00 $ 220.00 $ 1,500.00 $ 1,500.00 $ 2,700.00 $ 2,700.00 $ 500.00 $ 5,000.00 $ 5,500.00 $ 1,800.00 $ 1,800.00 d charged remaining balance No. Date 5/1/2018 5/3/2018 5/8/2018 5/11/2018 5/15/2018 5/17/2018 5/18/2018 5/22/2018 5/24/2018 5/28/2018 5/30/2018 5/31/2018 1 2 3 4 5 6 7 8 9 10 11 12 No. Transactions Customer closed acocunt for $1000 (transaction # 12 from Feb.) Purchased equipment for $16,000, paid $6,000 in cash and $10,000 on account Performed service (Cosmetic) for $500 Paid $1,500 cash on equipment Customer closed account for $5,500 (transaction #2 from Mar.) Purchased office supplies with cash for $400 Paid utility expense with cash for $240 Paid on Note Payable with cash for $2,000 Performed service (Filling) for $400 Customer paid on A/R for $3,000 (transaction #3 in Apr.) Paid Rent expense with cash for $500 Paid salary expense with cash for $5,000 Journal Entries 1 1 2 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 9 10 10 11 11 12 12 Debit Cash Credit $ 1,000.00 A/R Equipment $ 1,000.00 $ 16,000.00 Cash Note Payable Cash $ 6,000.00 $ 10,000.00 $ 500.00 Service Revenue Accounts Payable $ 500.00 $ 1,500.00 Cash Cash $ 1,500.00 $ 5,500.00 A/R Office Supplies $ 5,500.00 $ 400.00 Cash Utility Expense $ 400.00 $ 240.00 240.00 Cash Note Payable $ $ 2,000.00 Cash Cash $ 2,000.00 $ 400.00 Service Revenue Cash $ 400.00 $ 3,000.00 A/R Rent Expense $ 3,000.00 $ 500.00 Cash Salary Expense $ 500.00 $ 5,000.00 Cash $ 5,000.00 00 in cash and $10,000 on account No. 1 2 3 4 5 6 7 8 9 10 11 12 No. Date Transactions Jun. 4 Jun. 6 Jun. 11 Jun. 14 Jun. 18 Jun. 20 Jun. 22 Jun. 25 Jun. 25 Jun. 27 Jun. 29 Jun. 30 Performed service (Filling) for $200 Performed service (Oral Surgery) for $1,000 Paid on Note payable of $4,000 Sold equipment for cash of $2,000 Paid for advertising expense on account of $5,000 Customer closed account of $1,800 (transaction #12 from Apr.) Paid Utility expense of $250 Performed a service (Cosmetic) for $600 Performed a service (Cosmetic) for $500 Paid Rent expense for $500 Paid salary expense for $5,000 Customer closed account for $4,000 (transaction #3 from Apr.) Journal Entries 1 1 2 2 3 3 4 4 5 5 6 6 7 7 8 8 9 9 10 10 11 11 12 12 Debit Cash $ Service Revenue Cash Service Revenue Notes Payable Cash Cash Service Revenue Advertising Expense Account Payable Cash A/R Utility Expense Cash Cash Service Revenue Cash Service Revenue Rent Expense Cash Salary Expense Cash Cash A/R Credit 200.00 $ 200.00 $ 1,000.00 $ 1,000.00 $ 4,000.00 $ 4,000.00 $ 2,000.00 $ 2,000.00 $ 5,000.00 $ 5,000.00 $ 1,800.00 $ 1,800.00 $ $ $ $ 250.00 $ 250.00 $ 600.00 $ 500.00 $ 500.00 600.00 500.00 500.00 $ 5,000.00 $ 5,000.00 $ 4,000.00 $ 4,000.00 T Account Cash Jan Feb March April May June Jan Feb March April May June Debit $ 107,300.00 $ 5,100.00 $ 8,000.00 $ 11,200.00 $ 10,400.00 $ 10,100.00 $ 152,100.00 $ 92,765.00 $ $ $ $ $ $ $ $ $ $ $ $ A/R Credit 5,750.00 9,430.00 9,545.00 9,220.00 15,640.00 9,750.00 59,335.00 Accounts Payable Debit Credit $ 22,200.00 1,700.00 1,500.00 1,500.00 1,500.00 $ 5,000.00 6,200.00 $ 27,200.00 $ 21,000.00 Jan Feb March April May June Debit Credit $ 3,000.00 $ 7,000.00 $ 1,500.00 $ 5,500.00 $ 4,500.00 $ 13,800.00 $ 3,000.00 $ 9,500.00 $ 5,800.00 $ 29,300.00 $ 24,300.00 $ 5,000.00 Notes Payable Debit Jan Feb March April May June $ $ $ $ $ $ 2,000.00 2,000.00 2,000.00 2,000.00 4,000.00 12,000.00 Jan Feb March April May June Office Supplies Debit Credit $ 200.00 $ 300.00 $ 400.00 Jan Feb March April May June $ 900.00 $ 900.00 Notes Payable Credit $ 80,000.00 $ 10,000.00 $ 90,000.00 $ 78,000.00 Equipment Debit Credit $ 22,000.00 $ 16,000.00 $ 38,000.00 $ 38,000.00 Jan Feb March April May June Service Revenue Debit Credit $ 10,300.00 $ 10,600.00 $ 7,000.00 $ 24,000.00 $ 900.00 $ 4,300.00 $ 57,100.00 Jan Feb March April May June Owner's Equity Debit Credit $ 20,000.00 $ 20,000.00 Advertising Expense Debit Credit Jan Feb March April May June $ 5,000.00 $ 5,000.00 Jan Feb March April May June Rent Expense Debit Credit $ 500.00 $ 500.00 $ 500.00 $ 500.00 $ 500.00 $ 500.00 $ 3,000.00 Jan Feb March April May June Utilities Expense Debit Credit $ 250.00 $ 230.00 $ 245.00 $ 220.00 $ 240.00 $ 250.00 $ 1,435.00 Jan Feb March April May June Salaries Expense Debit Credit $ 5,000.00 $ 5,000.00 $ 5,000.00 $ 5,000.00 $ 5,000.00 $ 5,000.00 $ 30,000.00 Cash Accounts Receivable Supplies Equipment Owner's Equity Accounts Payable Notes Payable Service Revenue Advertising Expense Utility Expense Rent Expense Salary Expense $ $ $ $ Trial Balance Debit 92,765.00 5,000.00 900.00 38,000.00 Credit $ $ $ $ 20,000.00 21,000.00 78,000.00 57,100.00 $ 5,000.00 $ 1,435.00 $ 3,000.00 $ 30,000.00 $ 176,100.00 $ 176,100.00 Smiles for Miles Income Statement For the six month period ended June 30, 2018 Revenues Service Revenue Expenses Advertising Expense Rent Expense Utility Expense Salary and Wages Expense Total Expenses Net Income $ 57,100.00 $ $ $ $ 5,000.00 3,000.00 1,435.00 30,000.00 $ 39,435.00 $ 17,665.00 Smiles for Miles Owner's Equity Statement For the six month period ended June 30, 2018 Owner's Capital, January 1 Add: Net Income Owner's Capital, June 30 $ 20,000.00 $ 17,665.00 $ 37,665.00 Smiles for Miles Balance Sheet For the six month period ended June 30, 2018 Assets Cash Accounts Receivable Supplies Equipment Total Assets $ 92,765.00 $ 5,000.00 $ 900.00 $ 38,000.00 $ 136,665.00 Liabilities Accounts Payable Notes Payable $ 21,000.00 $ 78,000.00 Owner's Equity Owner's Capital $ 37,665.00 Total Liabilities and Owner's Capital $ 136,665.00
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