Ryan Honeycutt Is Opening a New Dental Practice

Essay

Ryan Honeycutt is opening a new dental practice.Journalize the following transactions in a combination journal.Use the modified cash basis.Total,rule,and prove the journal.

$\begin{aligned} \text { Feb. } 1 & \text { Invested } \$ 45,000 \text { in the practice. } \\ 2 & \text { Purchased } \$ 300 \text { of dental supplies on account. } \\ 3 & \text { Paid } \$ 2,000 \text { for a one-year liability insurance policy. } \\ 4 & \text { Purchased } \$ 1,000 \text { of dental equipment on account. } \\ 15 & \text { Paid receptionist wages, } \$ 500 . \\ 17 & \text { Billed clients, } \$ 1,600 \\ 22 & \text { Received } \$ 300 \text { from clients previously billed. } \\ 27 & \text { Paid telephone bill, } \$ 150 \text {. } \\ 28 & \text { Received February el ectric bill, } \$ 75 \\ 28 & \text { Wages owed to receptionist for the last two weeks of February, } \$ 500 \text { to be paid in } \\ & \text { March. }\end{aligned}$