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Drs . Glenn Feltham and David Ambrose began operations of their physical therapy clinic, called Northland Physical Therapy, on January 1 , 2 0 1
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: Account Titles Debit Credit Cash $ Accounts Receivable Supplies Equipment Accumulated Depreciation $ Software Accumulated Amortization Accounts Payable Notes Payable shortterm Salaries and Wages Payable Interest Payable Income Taxes Payable Deferred Revenue Common Stock Retained Earnings Service Revenue Depreciation Expense Amortization Expense Salaries and Wages Expense Supplies Expense Interest Expense Income Tax Expense Totals $ $ Transactions during summarized in thousands of dollars follow: Borrowed $ cash on July signing a sixmonth note payable. Purchased equipment for $ cash on July Issued additional shares of common stock for $ on July Purchased software on July $ cash. Purchased supplies on July on account for future use, $ Recorded revenues on December of $ including $ on credit and $ received in cash. Recognized salaries and wages expense on December of $; paid in cash. 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 : Amortization for $ Supplies of $ were counted on December Depreciation for $ Accrued interest of $ on notes payable. Salaries and wages incurred but not yet paid or recorded, $ Income tax expense for was $ and will be paid in Post the adjusting entries from requirement and prepare an adjusted trial balance.
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:
Account Titles Debit Credit
Cash $
Accounts Receivable
Supplies
Equipment
Accumulated Depreciation $
Software
Accumulated Amortization
Accounts Payable
Notes Payable shortterm
Salaries and Wages Payable
Interest Payable
Income Taxes Payable
Deferred Revenue
Common Stock
Retained Earnings
Service Revenue
Depreciation Expense
Amortization Expense
Salaries and Wages Expense
Supplies Expense
Interest Expense
Income Tax Expense
Totals $ $
Transactions during summarized in thousands of dollars follow:
Borrowed $ cash on July signing a sixmonth note payable.
Purchased equipment for $ cash on July
Issued additional shares of common stock for $ on July
Purchased software on July $ cash.
Purchased supplies on July on account for future use, $
Recorded revenues on December of $ including $ on credit and $ received in cash.
Recognized salaries and wages expense on December of $; paid in cash.
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 :
Amortization for $
Supplies of $ were counted on December
Depreciation for $
Accrued interest of $ on notes payable.
Salaries and wages incurred but not yet paid or recorded, $
Income tax expense for was $ and will be paid in
Post the adjusting entries from requirement and prepare an adjusted trial balance.
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Entrepreneurship
Authors: Andrew Zacharakis, William D Bygrave
5th Edition
9781119563099
