financial accounting please give me full answer thanks PROBLEM 3.58The Accountingareuga Cycle: Journalizing,Dr. Cravati, 1DMD., opened a dental clinie on August 1, 2009. The business transactions for Augustare shown below:Ang. 1Dr. Cravati invested $280,000 cash in the business in exchange for 1,000 shares ofcapital stock.Iand and a building were pnrchased for $400.00000this amont, $60,000 appliedto the land and $340,000 to the builling. Aur. pasuut ol $80,000 was made at thetime of the purchase, and a note payable was issued lor the remaining balance.Posting, and10Proparing a TrialAug. 4BalanceAug. 9Medical instruments were purchased for $75,000 cash.Office fixtures and equipment were purchased for $25,000). Dr. Cravati paid $10,000at the time of purchase and agreed to pay the entire remaining balance in 15 days.Aug. 16Aug. 21Office supplics cxpected to last several months were purchased for $4,200 cash.Dr. Cravati billed patients $13,00X9 for services rendered. Of this amount, $1,000 wasreceived in cash, and $12,000 was billed on account (due in 30 days).Aug. 24A $450 invoice was reccived for several newspaper advertisements placcd in August.The entire amount is due on September 8.Aug. 27Aug. 28Aug. 31Received a $500 paynent on the $12,0X0 account reccivable recorded August 24.Paid employees $2,200 for salaries earned in August.A partial list of account titles used by Dr. Cravati includes:CashOffice l'ixtures and EquipmentAccounts Receivable LandOffice SupplicsBuildingNotes PayableScrvice RevenueAccounts PayableAdvertising ExpenseCapital StockSalary Expense.Medical Instruments InstructionsAnalyze the effects that each of these transactions will have on the following six componentsot dhe company's financial statements for the month of August. Organize your answer in tabu-lar form, using the column headings shown below. Use i for increase, D for decrease, and NEfor no effect. The August 1 transaction is provided for you:战。Balance SheetIncome StatementTransactionExpenses = Net IncomeAssels = Liabilides + Owners' EquityRevenueAug. 1NENENENEPrepare journai entries (including explanations) for each transaction.Post each transaction to the approprinte ledgor accounts (use the T account format as illus-trated in Bxhibit 3–8 on page 110).b.d. Prepare a trial balance dated August 31, 2009.Using figures front the trinl balnnce prepared in part d, compute toial assets, total liabilities,e.and owners' equity. Did August appear to be a profitable month?

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T PROBLEM 3.5B The Accounting rup Cycle: Journalizing, Dr. Cravati, 1DMD., opened a dental clinic on August 1, 2009. The business transactions for August are shown below: Aug. 1 10 Posting, and Proparing a Trial Bulance Dr. Cravati invested $280,000 cash in the business in exchange for 1,000 shares of capital stock. Aug. 4 Land and a building were purehased for $400,(XX), Orthis amomt, $60,000 applied to the land andl $.40,000 to the: builling. A', payuent of $80,000 was madle at the time of the purchase, and a note payable was issucl lor the remaining balance. Medical instruments were purchased for $75,00) cash. Aug. 9 Aug. 16 Orlice fixtures and equipment were purchased for $25,000. Dr. Cravati paid $10,000 at the time of purchase and agreed to pay the entire remaining balance in 15 days. Aug. 21 Aug. 24 Office supplics expected to last several months were purchased for $4,200 cash. Dr. Cravati billed patients $13,(XX) for services rendered. Of this amount, $1,000 was received in cash, and $12,000 was billed on account (due in 30 days). A $450 invoice was reccived for several newspaper advertisenents placcd in August. The entire amount is due on September 8. Aug. 27 Received a $500 payment on dhe $12,00X) account reccivable recorded August 24. Paid employees $2,200 for salaries camed in August. Aug. 28 Aug. 31 A partial list of account titles used by Dr. Cravati includes: Cash Office l'ixtures and Equipment Accounts Receivable Land Ofice Supplies Building Notes Payable Service Revenue Accounts Payable Advertising Expense Capital Stock Salary Fixpense. Medical Instruments

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter2: The Accounting Information System

Section: Chapter Questions

Problem 61BPSB: Problem 2-6B The Accounting Cycle Sweetwater Temporary Clerical Help Service opened for business in...