(a)
To prepare:
Introduction: The financial statements of a company include the
(b)
To post: The transactions to the T-account.
Introduction: The financial statements of a company include the balance sheet, income statement, and cash flow statement. All these statements help the internal and external users of financial statements help in analyzing and concluding the financial position of the respective company.
(3)
To prepare: The
Introduction: The financial statements of a company include the balance sheet, income statement, and cash flow statement. All these statements help the internal and external users of financial statements help in analyzing and concluding the financial position of the respective company.
Want to see the full answer?
Check out a sample textbook solutionChapter 2 Solutions
HORNGREN'S FIN.+MGRL..:MANAG.CHP.-MYLAB
- Analyzing and journalizing transactions, posting, and preparing a trial balance Vernon Yung practices medicine under the business title Vernon Yung, M.D., P.C. During July, the medical practice completed the following transactions: July 1 Yung deposited $68,000 cash in the business bank account. The business issued common stock to Yung. 5 Paid monthly rent on medical equipment, $560. 9 Paid $16,000 cash to purchase land for an office site. 10 Purchased supplies on account, $1,600. 19 Borrowed $23,000 from the bank for business use. Yung signed a note payable to the bank in the name of the business. 22 Paid $1,300 on account. 31 Revenues earned during the month included $6,500 cash and $5,800 on account. 31 Paid employees’ salaries $2,500, office rent $1,100, and utilities $400. Make a single compound entry. 31 Paid cash dividends of $7,000.…arrow_forwardCreate a balance sheet (in 000s) as of December 31, 20X1 for the Claymont Outpatient Clinic using the General Ledger transactions below. You will enter balances for total current assets a. The clinic received a $10,000,000 unrestricted cash contribution from the community. b. The clinic purchased $4,500,000 of equipment using cash. c. The clinic borrowed $2,000,000 from the bank on a long-term basis. d. The clinic purchased $550,000 of supplies on credit. e. The clinic provided $8,400,000 of services on credit. f. In the provision of these services, the clinic used $420,000 of supplies. g. The clinic received $800,000 in advance to care for capitated patients. h. The clinic incurred $4,500,000 in labor expenses and paid cash for them. i. The clinic incurred $2,230,000 in general expenses and paid cash for them. j. The clinic received $6,000,000 from patients and their 3rd party payers in payment of outstanding accounts. k. The clinic met $440,000 of its obligation to…arrow_forwardPrepare the journal entries for the following transactions, provided the chart accounts below: DATE:APRIL 2022TransactionsApril 01 -Completion of a denture worth 6,000 April 02 - Received 7,000 in total from appointed patients for the whole dayApril 03 -received 7,000 in total from appointed patients for the whole dayApril 04 -received 2,500 in total from appointed patientsApril 05- paid 36,000 for car loan for business/personal useApril 06- received 1,500 from one patient that dayApril 07 -received 3,000 from appointed patients that dayApril 08- purchased dental supplies, 4,500April 09- received 4,000 from appointed patients April 10-received 3,000 in total from appointed patients April 11-received 1,500 from one patient that dayApril 12-paid 10,000 for dental laboratory feeApril 13-received 20,000 from a prosthodontic caseApril 15-paid 13,000 for a lot for future investment/businessApril 15 -paid 7,500 for dental assistantApril 16-received 2500 in total from appointed patientsApril…arrow_forward
- Instruction: Use Journal Sheet (Yellow or White) for the Performance Tasks Performance Task No. 1- On Mar. 1, 2009, Samuel Barbo, a recent medical board topnotcher, started his medical practice. During the month of March, the following transactions were completed. Mar. 1 Barbo invested P42,500 personal funds in a new bank account in the name of Samuel Barbo, M.D. Acquired medical equipment costing P95,000 from Tambilo Medical Equipment Company, paying P15,000 cash, and financing the remainder issuing a P80,000 note payable. Paid rent for the month of March, P7,500. Acquired Medical Supplies from Suiza Medical Supply Company on account, P15,250. Received P18,450 in cash from patients for medical services rendered this week. 2 3 7 Paid Pablo Labs for preparing laboratory work on a patient, P1,800. Paid salaries of medical technician and receptionist, P9,600. 12 15 Billed patients P51,700 for services rendered. 17 Paid Suiza Medical Supply Company P3,750 on account. Paid telephone…arrow_forwardCreate a journal entry and a T-account entry for each of the following transactions: $30,000 worth of supplies purchased with cash $10,000 worth of supplies used to provide clients with goods and services Wages due to employees that had been previously recorded as a liability now paid in cash in the amount of $50,000 Bills submitted to insurance companies in the amount of $90,000 for services rendered to patients Cash payments of $60,000 received for services previously provided and billed $5,000 worth of additional supplies purchased on accountarrow_forwardPrepare journal entries to record the following transactions that occurred in March: A. on first day of the month, purchased building for cash, $75,000 B. on fourth day of month, purchased inventory, on account, $6,875 C. on eleventh day of month, billed customer for services provided, $8,390 D. on nineteenth day of month, paid current month utility bill, $2,000 E. on last day of month, paid suppliers for previous purchases, $2,850arrow_forward
- Home Office collected 100,000 from Branch’s customers on account. Requirements:a. Prepare the journal entries for both the Home Office and Branch books based on theabove transactions.arrow_forwardHanna Estrella began the practice of medicine on May 1, 2020. During May she completed the following transactions: Мay 02 Invested P230,000 cash. 03 Bought Equipment for P140,000 cash. 10 Purchased medical supplies for cash, P4,800. 14 Completed physical examination for 2 patients and collected P1,500 cash. 18 Completed surgical work for P55,000 on account. 20 Purchased Equipment on account, P65,000. 25 Collected P15,000 of the amount owed by the patient on the 18". 28 Paid rent, P18,000. 29 Paid light and water, P3,000 cash. 31 Paid salaries of nurse and secretary, P20,000. PREPARE INCOME STATEMENT AND STATEMENT OF FINANCIAL POSITION FOR MAY 2021.arrow_forwardOn 12/1/2021 White Clinic had the following balances: Equity of $350,000 Assets of $600,000 Liabilities of $$250,000 The following transactions occurred in December: 1. Paid $85,000 on a mortgage with $15,000 of this being interest. 2. Paid wages of $65,000. 3. Billed patients for services in the amount of $250,000. 4. Placed an order for a new MRI machine in the amount of $550,000. 5. Used supplies in the amount of $30,000 for patient services. 6. Purchased supplies on account in the amount of $60,000. 7. Received funds in the amount of $205,000 from BCBS for previously billed patients Would there be a Journal entry for #4? For #1 interest expense would be a debit or credit entry? Asset balance over the month increased or decreased? White clinic has an additional amount of how many $ in Assets over this period? White clinic made a profit or loss after all transactions? For #7 there would be a debit or credit to Accounts Receivable Liabilities increased by $10,000 over this reporting…arrow_forward
- Lee Harris, MD, had the following balances in the ledger for his medical practice: Cash $8,830, Accounts Receivable$2,665, Supplies $565, Equiprment $15,650, Notes Payable $10,250, Accounts Payable $800. L. Harris, Capital $15,000, L. Harris,Drawings $5,180, Service Revenue $ 10.530, Rent Expense $1,220, and Salaries Expense $2,470. in July 31 and in august create a trial balance for august.arrow_forwardAnalyzing and journalizing transactions, posting, and preparing a trial balance [45-60 min] Vernon Yung practices medicine under the business title Vernon Yung, M.D. During July, the medical practice completed the following transactions: Jul 1 Yung deposited $68,000 cash in the business bank account. The business gave capital to Yung. 5 Paid monthly rent on medical equipment, $560. 9 Paid $16,000 cash to purchase land for an office site. 10 Purchased supplies on account, $1,600. 19 Borrowed $23,000 from the bank for business use. Yung signed a note payable to the bank in the name of the business. 22 Paid $1,300 on account. 31 Revenues earned during the month included $6,500 cash and $5,800 on account. 31 Paid employees' salaries $2,500, office rent $1,100, and utilities $400. Make a single compound entry. 31 Yung withdrew cash of $7,000. The business uses the following accounts: Cash; Accounts receivable; Supplies; Land; Accounts payable; Notes payable; Yung, capital; Yung, drawing;…arrow_forwardLee Harris, MD, had the following balances in the ledger for his medical practice: Cash $8,830, Accounts Receivable$2,665, Supplies $565, Equiprment $15,650, Notes Payable $10,250, Accounts Payable $800. L. Harris, Capital $15,000, L. Harris,Drawings $5,180, Service Revenue $ 10.530, Rent Expense $1,220, and Salaries Expense $2,470. inJuly 31 and in augest the account is Date Account TitlesDebit Credit2024Aug.1 Rent Expense1,220Cash1,22010 Accounts Payable440Cash44012 Cash2,120Accounts Receivable2,12025 Salaries Expense2,470Cash2,47030 Notes Payable470Interest Expense35Cash50531 Cash 5,890Accounts Receivable2,750Service Revenue8,64031 L Harris, Drawings4,520Cash4,520 Post the transactions to the T accounts.arrow_forward
- Principles of Accounting Volume 1AccountingISBN:9781947172685Author:OpenStaxPublisher:OpenStax CollegeCentury 21 Accounting Multicolumn JournalAccountingISBN:9781337679503Author:GilbertsonPublisher:Cengage