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serious [3.7K]
3 years ago
10

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 $20,000 cash in her business.

1 Hired a secretary-receptionist at a salary of $700 per week payable monthly.
2 Paid office rent for the month $1,500.
3 Purchased dental supplies on account from Dazzle Company $4,000.
10 Performed dental services and billed insurance companies $5,100.
11 Received $1,000 cash advance from Leah Mataruka for an implant.
20 Received $2,100 cash for services performed from Michael Santos.
30 Paid secretary-receptionist for the month $2,800.
30 Paid $2,600 to Dazzle for accounts payable due.

Required:
Journalize the transactions.
Business
1 answer:
liberstina [14]3 years ago
6 0

Answer:

April 1 Invested $20,000 cash in her business.

Dr Cash 20,000

    Cr Vera, Ernst, capital 20,000

1 Hired a secretary-receptionist at a salary of $700 per week payable monthly.

no journal entry required

2 Paid office rent for the month $1,500.

Dr Rent expense 1,500

    Cr Cash 1,500

3 Purchased dental supplies on account from Dazzle Company $4,000.

Dr Supplies 4,000

    Cr Accounts payable 4,000

10 Performed dental services and billed insurance companies $5,100.

Dr Accounts receivable 5,100

    Cr Service revenue 5,100

11 Received $1,000 cash advance from Leah Mataruka for an implant.

Dr Cash 1,000

    Cr Deferred revenue 1,000

20 Received $2,100 cash for services performed from Michael Santos.

Dr Cash 2,100

    Cr Service revenue 2,100

30 Paid secretary-receptionist for the month $2,800.

Dr Wages expense 2,800

    Cr Cash 2,800

30 Paid $2,600 to Dazzle for accounts payable due.

Dr Accounts payable 2,600

    Cr Cash 2,600

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a. The average aggregate inventory value is <em>$336,000.</em>

b. The number of weeks of supply that the firm has is <em>3 weeks</em>, approximately (2.69 ($336,000/$6,500,000 x 52).

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<u>Question Completion</u>:

Category        Part Number        Average           Value        Total      Category

                                              Inventory Units    per Unit      Value        Totals

Raw Materials      RM-1                20,000               $1        $20,000

Materials             RM-2                 5,000                 5          25,000

                            RM-3                 3,000                 6           18,000

                            RM-4                  1,000                 8            8,000      $71,000

Work-in-process WIP-1                 6,000                10         60,000

                            WIP-2               8,000                 12         96,000   $156,000

Finished goods   FG-1                  1,000                65         65,000

                            FG-2                   500                88         44,000   $109,000

Total value of inventory                                               $336,000  $336,000

Inventory turnover = Cost of goods sold/Average inventory

= 19.3x ($6,500,000/$336,000)

Thus, the average inventory value is $336,000, while the inventory turnover was 19.3x.

Learn more about inventory turnover here: brainly.com/question/5701250

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