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Dr. Rebecca Gray opened a medical practice specializing in physical therapy. During the first month of operation (May). the business, titled Dr. Rebecca Gray, Professional
Dr. Rebecca Gray opened a medical practice specializing in physical therapy. During the first month of operation (May). the business, titled Dr. Rebecca Gray, Professional Corporation (P.C.), experienced the following events: (Click the icon to view the events.) Requirement 1. Record the transactions in the journal of Dr. Rebecca Gray, P.C. 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 required" on the first line of the table and leave all other fields blank.) May 6: Gray invested $138,000 in the business, which in turn issued its common stock to her. Date May Journal Entry Accounts and Explanations Debit Credit More info rst mom - Xlowing May 6 Gray invested $138,000 in the business, which in turn issued its common stock to her. by date on the table an May 9 The business paid cash for land costing $61,000. Gray plans to build an office building on the land. May 12 May 15 The business purchased medical supplies for $1,900 on account. Dr. Rebecca Gray, P.C., officially opened for business. May 15-31 May 15-31 During the rest of the month, Gray treated patients and earned service revenue of $8,600, receiving cash for half the revenue earned. The business paid cash expenses: employee salaries, $2,700; office rent, $800; utilities, $900. her. redit May 31 The business sold medical supplies to another physician for cost of $400 and received cash. May 31 May 31 The business borrowed $38,000, signing a note payable to the bank. The business paid $1,500 on account. Print Done
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