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CI Dr. Schekter, DVM, opened a veterinary clinic on May 1, current year. The business transactions for May are shown as follows May Ook 1

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CI Dr. Schekter, DVM, opened a veterinary clinic on May 1, current year. The business transactions for May are shown as follows May Ook 1 Dr. Schekter invested $480,000 cash in the business in exchange for 6,000 shares of capital stock. Hay 4 Land and a building were purchased for $300,000. of this amount, $84,000 applied to the land, and $216,000 to the building. A cash payment of $120,000 was made at the time of the purchase, and a note payable was issued for the remaining balance. May 9 Medical instruments were purchased for $156,000 cash. May 16 Office fixtures and equipment were purchased for $60,000. Dr. Schelter paid $24,000 at the time of purchase and agreed to pay the entire remaining balance in 15 days. May 21 office supplies expected to last several months were purchased for $6,000 cash. May 24 Dr. Schekter billed clients 62,640 for services rendered. Or this amount, $2,200 was received in cash, and $360 was billed on account (due in 30 days). May 27 A 64B0 invoice was received for several radio advertisements sired in May. The entire amount is due on June 5. May 28 Received a $120 payment on the $360 account receivable recorded May 24. May 31 Paid employees 53,360 tor salaries earned in May. Print erences A partial list of account titles used by Dr. Schekter includes the following Totes Payable Accounts Receivable Accounts Payable Ottice Supplies Capital Stock Medical Instruments Veterinary Service Revenue Ottice Fixtures and Equipment Advertising Expense Land Salary Expense Required: a. Analyze the effects that each of these transactions will have on the following six components of the company's financia for the month of May. Select I for increase, D for decrease, and NE for no effect in the column headings below to show the the above transactions. The May 1 transaction is provided for you. b. Prepare journal entries for each of the above transactions c. Post each transaction to the appropriate T account. d. Prepare a trial balance dated May 31, current year. e. Using figures from the trial balance prepared in part d, compute total assets, total liabilities, and owners' equity. Did Maya be a profitable month? Complete this question by entering your answers in the tabs below. Required A Required B Required Required D Required E Post each transaction to the appropriate T account. Cash 480.000 Notes Payable May 01 May 01 480.000 May 31 Bal 5 of 5 May 31 Bal. Accounts Receivable Accounts Payable May 31 Bal May 31 Bal Office Supplies Capital Stock May 31 Bal May 31 Bal 0 Medical Instruments Veterinary Service Revenue May 31 Bal May 31 Bal 0 Office Fixtures and Equipment Advertising Expense

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