Drs . Glenn Feltham and David Ambrose began operations of their physical therapy clinic, called Northland Physical
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Drs Glenn Feltham and David Ambrose began operations of their physical therapy clinic, called Northland Physical
Therapy, on January The annual reporting period ends December The trial balance on January was as
follows the amounts are rounded to thousands of dollars to simplify:
Transactions during summarized in thousands of dollars follow:
a Borrowed $ cash on July signing a sixmonth note payable.
b Purchased equipment for $ cash on July
c Issued additional shares of common stock for $ on July
d Purchased software on July $ cash.
e Received supplies on July on account for future use, $
Recorded revenues on December of $ including $ on credit and $ received in cash.
g Recognized salaries and wages expense on December of $; paid in cash.
h Collected accounts receivable on December $
Paid accounts payable on December $
Received a $ cash deposit on December from a hospital for a contract to start January
Data for adjusting journal entries on December :
k Amortization for $
Supplies of $ were counted on December
m Depreciation for $
n Accrued interest of $ on notes payable.
a Salaries and wages incurred but not yet paid or recorded, $
p Income tax expense for was $ and will be paid in
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