David Simmons, M.D., organized Simmons Urgent Care Inc. by investing cash in exchange for common stock. In

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David Simmons, M.D., organized Simmons Urgent Care Inc. by investing cash in exchange for common stock. In addition, the clinic purchased medical supplies and office equipment on account.

Identify the balance sheet accounts that Simmons Urgent Care used to record these transactions. For each account, indicate if it is an asset, liability, or stockholders’ equity account and whether its normal balance is a debit or a credit.

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Financial And Managerial Accounting

ISBN: 9781337902663

15th Edition

Authors: Carl S. Warren, Jefferson P. Jones, William B. Tayler

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