Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Dr. Angela Anderson opened a medical practice specializing in physical therapy. During the first month of operation (August), the business, titled Dr. Angels Anderson,

image text in transcribedimage text in transcribed

Dr. Angela Anderson opened a medical practice specializing in physical therapy. During the first month of operation (August), the business, titled Dr. Angels Anderson, Professional Corporation (PC) experienced the following events Click the icon to view the avants) Requirement 1. Record the transactions in the journal of Dr Angela Anderson, PC List the transactions by date and give an explanation for each transaction (Record debits first, then credits Select explanations on the last line of the journal entry table. If an entry is not required select "No entry requited on the first line of the table and leave all other fields blank) Cas Puthased and Aug 12 The business pathased medical supples for $1.400 on account Journal Entry Accounts and Explanations Date Jug 12 dal Suppl Accounts Payable Purchase on account Aug 15 Dr Angela Anderson, PC, officially opened for business Date Aug Journal Entry Accounts and Explanations 56.000 More info Aug Aug 9 Debit Credit 1.400 Aug 12 Aug 15 1,400 Aug Aug 15.31 1531 Aug 31 Anderson invested $139,000 in the business, which in hun issued s common stack to her The business paid cash for land casting $56.000 Andersen plans to build an office building on the land The business purchased medical supplies for $1.400 on account Dr. Angela Anderson, PC oficially opened for business During the rest of the month, Anderson veated patients and eamed service revenue of $1.700, receiving cash for half the revesus samed The business paid cash expenses employee salates $2.00 office rent, $1,200 stiles $100 The business sold medical supples to another physician for cast of $200 and received cash The business borrowed $37,000 signing a note payable to the bank The business paid $600 an account Aug 311 Aug 31 Debit Credit Print Done - X

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial and Managerial Accounting

Authors: John J Wild, Ken W. Shaw

8th edition

1260247856, 978-1260247855

Students also viewed these Accounting questions