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Dr. Leo Krusack - Financial Statements

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One of your small business clients, Dr. Leo Krusack, has opened a dental practice. He has come to you for help in organizing his accounts. Help him classify each of the following business transactions in the excel spreadsheet file attached.

*One June 1st, Leo opened an account for his practice at your bank and deposited $20,000 of his own money.
*Leo has dental equipment worth $23,000 in his office that was brought from his previous practice.
*On June 1st, Leo spent $500 on furniture for his waiting room.
*On June 2nd, Leo purchased dental supplies on account for $5,000. $1,500 worth of supplies are used during the month.
*On June 3rd, Leo makes a $3,000 payment for 3 months of liability insurance.
*On June 2nd, Leo paid out $1,200 in office rent for the month of June.
*On June 15th and 30th, Leo paid a $1,500 salary to his hygienist.
*By June 30th, Leo had received $3,540 in cash from and billed $8,380 to patients for services rendered during the first month of his practice.
*On June 30th, Leo withdrew $300 for personal expenses.
*On June 30th, Leo received an electric bill for $250, which he will pay in July.

Then prepare an income statement, a balance sheet, and an owner's equity statement for him.

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This solution is comprised of a detailed explanation to prepare an income statement, a balance sheet, and an owner's equity statement.

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One of your small business clients, Dr. Leo Krusack, has opened a dental practice. He has come to you for help in organizing his accounts. Help him classify each of the following business transactions in the excel spreadsheet file attached.

*One June 1st, Leo opened an account for his practice at your bank and deposited $20,000 of his own money.
*Leo has dental equipment worth $23,000 in his office that was brought from his previous practice.
*On June 1st, Leo spent $500 on furniture for his waiting room.
*On June 2nd, Leo purchased dental supplies on account for $5,000. $1,500 worth of supplies are used during the month.
*On ...

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