Fill in the blanks KMore infoJul. 6Paige Stanley opened a medical practice. During July, the first month of operation, the business, titled Paige Stanley,M.D., experienced the following events:i (Click the icon to view the transactions.)Analyze the effects of these events on the accounting equation of the medical practice of Paige Stanley, M.D.Jul. 9Jul. 12Jul. 15Jul. 20Jul. 31Jul. 31Stanley contributed $50,000 in the business by opening a bank account in the nameof P. Stanley, MD. The business gave capital to to Stanley.Paid $42,000 cash for land.Purchased medical supplies for $1,700 on account.Officially opened for business.Paid cash expenses: employees' salaries, $800; office rent, $700; utilities, $550.Earned service revenue for the month, $7,000, receiving cash.Paid $950 on account.7/6Etext pagesPrintAnalyze the events chronologically, one transaction at a time, beginning with the transaction on the 6th. For eachtransaction that follows the transaction on the 6th, calculate the balance in each account after analyzing its effect onthe accounting equation. (Complete only the necessary answer boxes for your transaction lines. [Do not enter anyzeros for your transaction lines.] For transactions with the same date, be sure to enter each transaction on a separateline in the order presented in the problem. Carry down all balances to the "Bal." line, including zero balance accounts,entering a "0" for any zero balances. Enter a decrease in an account with a minus sign or parentheses.Abbreviations used: A/P = Accounts Payable; Cap. = Stanley, Capital; Exp. = Expense; Liab. = Liabilities; Med. =Medical; Rev. = Revenue; Sal. = Salaries; Sup. = Supplies; Withdr. = Stanley, Withdrawals.)ASSETSCash + Med. LandSup.+Get more help.+=Done=LIAB. +A/P- X+ Cap.+EQUITY- Withdr.+ Service -Rev.Clear allSal.Exp.Rent - UtilitiesExp.Exp.Check answer

Name: Fill in the blanks KMore infoJul. 6Paige Stanley opened a medical prac
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Description: Fill in the blanks KMore infoJul. 6Paige Stanley opened a medical practice. During July, the first month of operation, the business, titled Paige Stanley,M.D., experienced the following events:i (Click the icon to view the transactions.)Analyze the e

Accounting equation shows the each transaction or event in equation form by showing that assets are…

Business

Accounting

Jul. 6 Jul. 9 Jul. 12 Jul. 15 Jul. 20 Jul. 31 Jul. 31 Stanley contributed $50,000 in the business by opening a bank account in the name of P. Stanley, MD. The business gave capital to to Stanley. Paid $42,000 cash for land. Purchased medical supplies for $1,700 on account. Officially opened for business. Paid cash expenses: employees' salaries, $800; office rent, $700; utilities, $550. Earned service revenue for the month, $7,000, receiving cash. Paid $950 on account.

Jul. 6 Jul. 9 Jul. 12 Jul. 15 Jul. 20 Jul. 31 Jul. 31 Stanley contributed $50,000 in the business by opening a bank account in the name of P. Stanley, MD. The business gave capital to to Stanley. Paid $42,000 cash for land. Purchased medical supplies for $1,700 on account. Officially opened for business. Paid cash expenses: employees' salaries, $800; office rent, $700; utilities, $550. Earned service revenue for the month, $7,000, receiving cash. Paid $950 on account.

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts

Section: Chapter Questions

Problem 2PA: On July 1 of this year, R. Green established the Green Rehab Clinic. The organizations account...

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On July 1 of this year, R. Green established the Green Rehab Clinic. The organizations account headings are presented below. Transactions completed during the month of July follow. a. Green deposited 30,000 in a bank account in the name of the business. b. Paid the office rent for the month, 1,800, Ck. No. 2001 (Rent Expense). c. Bought supplies for cash, 362, Ck. No. 2002. d. Bought professional equipment on account from Rehab Equipment Company, 18,000. e. Bought office equipment from Hi-Tech Computers, 2,890, paying 890 in cash and placing the balance on account, Ck. No. 2003. f. Sold professional services for cash, 4,600 (Professional Fees). g. Paid on account to Rehab Equipment Company, 700, Ck. No. 2004. h. Received and paid the bill for utilities, 367, Ck. No. 2005 (Utilities Expense). i. Paid the salary of the assistant, 1,150, Ck. No. 2006 (Salary Expense). j. Sold professional services for cash, 3,868 (Professional Fees). k. Green withdrew cash for personal use, 1,800, Ck. No. 2007. Required 1. In the equation, write the owners name above the terms Capital and Drawing. 2. Record the transactions and the balance after each transaction. Identify the account affected when the transaction involves revenues or expenses. 3. Write the account totals from the left side of the equals sign and add them. Write the account totals from the right side of the equals sign and add them. If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
On June 1 of this year, J. Larkin, Optometrist, established the Larkin Eye Clinic. The clinics account names are presented below. Transactions completed during the month follow. a. Larkin deposited 25,000 in a bank account in the name of the business. b. Paid the office rent for the month, 950, Ck. No. 1001 (Rent Expense). c. Bought supplies for cash, 357, Ck. No. 1002. d. Bought office equipment on account from NYC Office Equipment Store, 8,956. e. Bought a computer from Wardens Office Outfitters, 1,636, paying 750 in cash and placing the balance on account, Ck. No. 1003. f. Sold professional services for cash, 3,482 (Professional Fees). g. Paid on account to Wardens Office Outfitters, 886, Ck. No. 1004. h. Received and paid the bill for utilities, 382, Ck. No. 1005 (Utilities Expense). i. Paid the salary of the assistant, 1,050, Ck. No. 1006 (Salary Expense). j. Sold professional services for cash, 3,295 (Professional Fees). k. Larkin withdrew cash for personal use, 1,250, Ck. No. 1007. Required 1. In the equation, write the owners name above the terms Capital and Drawing. 2. Record the transactions and the balance after each transaction. Identify the account affected when the transaction involves revenues or expenses. 3. Write the account totals from the left side of the equals sign and add them. Write the account totals from the right side of the equals sign and add them. If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
In March, K. Haas, M.D., established the Haas Sports Injury Clinic. The clinics account headings are presented below. Transactions completed during the month of March follow. a. Haas deposited 48,000 in a bank account in the name of the business. b. Paid the rent for the month, 2,200, Ck. No. 1000 (Rent Expense). c. Bought supplies for cash from Medco Co., 2,138. d. Bought professional equipment on account from Med-Tech Company, 18,000. e. Bought office equipment on account from Equipment Depot, 1,955. f. Sold professional services for cash, 8,960 (Professional Fees). g. Paid on account to Med-Tech Company, 3,000, Ck. No. 1001. h. Received and paid the bill for utilities, 472, Ck. No. 1002 (Utilities Expense). i. Paid the salary of the assistant, 1,738, Ck. No. 1003 (Salary Expense). j. Sold professional services for cash, 10,196 (Professional Fees). k. Haas withdrew cash for personal use, 3,500, Ck. No. 1004. Required 1. In the equation, write the owners name above the terms Capital and Drawing. 2. Record the transactions and the balance after each transaction. Identify the account affected when the transaction involves revenue, expenses, or a withdrawal. 3. Write the account totals from the left side of the equals sign and add them. Write the account totals from the right side of the equals sign and add them. If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
In March, K. Haas, M.D., established the Haas Sports Injury Clinic. The clinics account headings are presented below. Transactions completed during the month of March follow. a. Haas deposited 48,000 in a bank account in the name of the business. b. Paid the rent for the month, 2,200, Ck. No. 1000. c. Bought supplies for cash from Medco Co., 2,138. d. Bought professional equipment on account from Med-Tech Company, 18,000. e. Bought office equipment on account from Equipment Depot, 1,955. f. Sold professional services for cash, 8,960. g. Paid on account to Med-Tech Company, 3,000, Ck. No. 1001. h. Received and paid the bill for utilities, 472, Ck. No. 1002. i. Paid the salary of the assistant, 1,738, Ck. No. 1003. j. Sold professional services for cash, 10,196. k. Haas withdrew cash for personal use, 3,500, Ck. No. 1004 Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
On June 1 of this year, J. Larkin, Optometrist, established the Larkin Eye Clinic. The clinics account names are presented below. Transactions completed during the month follow. a. Larkin deposited 25,000 in a bank account in the name of the business. b. Paid the office rent for the month, 950, Ck. No. 1001. c. Bought supplies for cash, 357, Ck. No. 1002. d. Bought office equipment on account from NYC Office Equipment Store, 8,956. e. Bought a computer from Wardens Office Outfitters, 1,636, paying 750 in cash and placing the balance on account, Ck. No. 1003. f. f. Sold professional services for cash, 3,482. g. Paid on account to Wardens Office Outfitters, 886, Ck. No. 1004. h. Received and paid the bill for utilities, 382, Ck. No. 1005. i. Paid the salary of the assistant, 1,050, Ck. No. 1006. j. Sold professional services for cash, 3,295. k. Larkin withdrew cash for personal use, 1,250, Ck. No. 1007. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
In April, J. Rodriguez established an apartment rental service. The account headings are presented below. Transactions completed during the month of April follow. a. Rodriguez deposited 70,000 in a bank account in the name of the business. b. Paid the rent for the month, 2,000, Ck. No. 101 (Rent Expense). c. Bought supplies on account, 150. d. Bought a truck for 23,500, paying 2,500 in cash and placing the remainder on account. e. Bought insurance for the truck for the year, 2,400, Ck. No. 102. f. Sold services on account, 4,700 (Service Income). g. Bought office equipment on account from Stern Office Supply, 1,250. h. Sold services for cash for the first half of the month, 8,250 (Service Income). i. Received and paid the bill for utilities, 280, Ck. No. 103 (Utilities Expense). j. Received a bill for gas and oil for the truck, 130 (Gas and Oil Expense). k. Paid wages to the employees, 2,680, Ck. Nos. 104106 (Wages Expense). l. Sold services for cash for the remainder of the month, 3,500 (Service Income). m. Rodriguez withdrew cash for personal use, 4,000, Ck. No. 107. Required 1. In the equation, write the owners name above the terms Capital and Drawing. 2. Record the transactions and the balance after each transaction. Identify the account affected when the transaction involves revenues or expenses. 3. Write the account totals from the left side of the equals sign and add them. Write the account totals from the right side of the equals sign and add them. If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
D. Johnston, a physical therapist, opened Johnstons Clinic. His accountant provided the following chart of accounts: The following transactions occurred during July of this year: a. Johnston deposited 35,000 in a bank account in the name of the business. b. Bought filing cabinets on account from Muller Office Supply, 560. c. Paid cash for chairs and carpeting for the waiting room, 835, Ck. No. 1000. d. Bought a photocopier from Robs Office Equipment, 650, paying 250 in cash and placing the balance on account, Ck. No. 1001. e. Received and paid the telephone bill, which included installation charges, 185, Ck. No. 1002. f. Sold professional services on account, 2,255. g. Received and paid the bill for the state physical therapy convention, 445, Ck. No. 1003. h. Received and paid the electric bill, 335, Ck. No. 1004. i. Received cash on account from credit customers, 1,940. j. Paid on account to Muller Office Supply, 250, Ck. No. 1005. k. Paid the office rent for the current month, 1,245, Ck. No. 1006. l. Sold professional services for cash, 1,950. m. Paid the salary of the receptionist, 960, Ck. No. 1007. n. Johnston withdrew cash for personal use, 1,200, Ck. No. 1008. Required 1. Record the owners name in the Capital and Drawing T accounts. 2. Correctly place the plus and minus signs for each T account and label the debit and credit sides of the accounts. 3. Record the transactions in the T accounts. Write the letter of each entry to identify the transaction. 4. Foot the T accounts and show the balances. 5. Prepare a trial balance as of July 31, 20--. 6. Prepare an income statement for July 31, 20--. 7. Prepare a statement of owners equity for July 31, 20--. 8. Prepare a balance sheet as of July 31, 20--.
On May 1, 2018, Ma Concepcion Manalo established the Manalo Rehab Clinic. Transactions completed during the month of July follow: a. Manalo deposited P150,000 in a bank account in the name of the business. b. Paid office rent for the month P11,000. c. Bought supplies for cash , P2,750. d. Bought professional equipment on account from J. Perez Equipment, P142,000. e. Bought office equipment from S. Lacorte Computers, P18,700, paying P8,700 in cash and the remaining balance on account. f. Performed professional services for cash, P32,800. g. Paid accounts to S. Lacorte Computers, P5,000 h. Received and paid the bill for the utilities, P2,830 i. Paid salaries of the part-time assistants, P10,000 j. Performed professional services for cash, P37,250 k. Manalo withdrew cash for personal use, P16,000 Record the transactions for the month of July 2018 using a financial transaction worksheet. Use the following accounts: cash, account receivable, professional equipment, office equipment,…
Marsha Solomon, a physiotherapist, opened a practice. The business completed the following transactions: May 1 Solomon invested $25,000 cash to start her practice. The business issued shares to Solomon. 1 Purchased medical supplies on account totalling $9,000. 2 Paid monthly office rent of $4,000. 3 Recorded $8,000 revenue for service rendered to patients, received cash of $2,000, and sent bills to patients for the remainder. Which of the transactions of Marsha Solomon, P.T., increased the total assets of the business? For each transaction, identify the asset that was increased or decreased.
Vince York practices medicine under the business title Vince York, M.D. During July, the medical practice completed the following transactions: Jul. 1 York contributed $63,000 cash to the business in exchange for common stock. 5 Paid monthly rent on medical equipment, $510. 9 Paid $23,000 cash to purchase land to be used in operations. 10 Purchased office supplies on account, $1,600. 19 Borrowed $22,000 from the bank for business use. 22 Paid $1,100 on account. 28 The business received a bill for advertising in the daily newspaper to be paid in August, $240. 31 Revenues earned during the month included $6,400 cash and $6,000 on account. 31 Paid employees’ salaries $2,200, office rent $1,900, and utilities $560. Record as a compound entry. 31 The business received $1,120 for medical screening services to be performed next month. 31 Paid cash dividends of $7,200. The business uses the following accounts: Cash;…
form the Journal entry of the given transaction: date/s transaction debit credit Sep-02 Garcia invested P30,000 cash to start his business. 2 Purchased medical Supplies on account, P10,000 3 Paid monthly office rent of P4,000. 4 Recorded P5,000 revenue for service rendered to patients: received cash of P2,000 and sent bills to patients for the remainder. 10 Borrowed P50,000 from the bank, signing a note payable 15 Performed service for patients on account, P3,600 22 Received cash from patients billed on September 3, P2,000 25 Received and paid a utility bill, P200 26 Paid monthly salary to nurses, P3,000 30 Paid interest expense of P200
Prepare trial balance The Carreon Dental Clinic in Lawaan, Dapitan City started operation in business and made various transactions. At the end of 6 months operation, ending on June 30, 2016, the following balances were found on the books of the business. Please arrange the accounts and their balances and place them in the appropriate column and prepare a trial balance for Dr. Ed Carreon on June 30, 2016, using the data below. Pag-IBIG Contribution 3,500.00Cash in Bank 172,000.00Petty Cash Fund 2,000.00Dental Fees Income 112,000.00SSS Premium Payable 6800.00Prepaid Rent 12000.00Dental Equipment 200000.00Building 200,000.00Furniture and fixtures 75,000.00 Carreon, Capital 784,900.00Dental Supplies 25,000.00Carreon, Withdrawal 50,000.00Notes Payable 35,000.00Land 150,000.00Withholding Tax Payable 5,200.00Pag-IBIG Premium Payable 3,500.00Prepaid Insurance 24,000.00Other Income 28,000.00Dental Supplies Expense 8,200.00Miscellaneous Expense 3,600.00Salaries Expense 6,800.00Accounts…