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Drs. Glenn Feltham and Gary Entwistle began operations of their physical therapy clinic called Northland Physical Therapy on January 1, 2014The annual reporting period ends
Drs. Glenn Feltham and Gary Entwistle began operations of their physical therapy clinic called Northland Physical Therapy on January 1, 2014The annual reporting period ends December 31 . The trial balance on January 1, 2015, was as follows (the amounts are rounded to thousands of dollars to simplify) Account Titles Debit Credit Equipment Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Tax Payable 15 Common Stock Retained Earnings Service Revenue Depreciation Expense Income Tax Expense Interest Expense Supplies Expense $26 $26 Transactions during 2015 (summarized in thcusands of dollars) follow 1. Borrowed $22 cash on July 1, 2015, signing a six-month note payable. 2. Purchased equipment for $25 cash on July 2, 2015 3. Issued additional shares of common stock for $5 on July 3. 4. Purchased software on July 4, $3 cash. 5. Purchased supplies on July 5 on account for future use, S7 6. Recorded revenuesonDecember 6 of $55, including $8 on credit and $47 received in cash. 7. Recognized salaries and wages expense on December 7 of $30; paid in cash. 8. Collected accounts receivable on December 8, $9 9. Paid accounts payable on December 9, $10 10. Received a $3 cash deposit on December 10 from a hospital for a contract to start January 5 Data for adjusting journal entries on December 31 11. Amortization for 2015, $1 12. Supplies of $3 were counted on December 31, 2015 13. Depreciation for 2015, $4. 14. Accrued interest of S1 on notes payable 15. Salaries and wages incurred not yet paid or recorded, $3 16. Income tax expense for 2015 was $4 and will be paid in 2016 Drs. Glenn Feltham and Gary Entwistle began operations of their physical therapy clinic called Northland Physical Therapy on January 1, 2014The annual reporting period ends December 31 . The trial balance on January 1, 2015, was as follows (the amounts are rounded to thousands of dollars to simplify) Account Titles Debit Credit Equipment Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Tax Payable 15 Common Stock Retained Earnings Service Revenue Depreciation Expense Income Tax Expense Interest Expense Supplies Expense $26 $26 Transactions during 2015 (summarized in thcusands of dollars) follow 1. Borrowed $22 cash on July 1, 2015, signing a six-month note payable. 2. Purchased equipment for $25 cash on July 2, 2015 3. Issued additional shares of common stock for $5 on July 3. 4. Purchased software on July 4, $3 cash. 5. Purchased supplies on July 5 on account for future use, S7 6. Recorded revenuesonDecember 6 of $55, including $8 on credit and $47 received in cash. 7. Recognized salaries and wages expense on December 7 of $30; paid in cash. 8. Collected accounts receivable on December 8, $9 9. Paid accounts payable on December 9, $10 10. Received a $3 cash deposit on December 10 from a hospital for a contract to start January 5 Data for adjusting journal entries on December 31 11. Amortization for 2015, $1 12. Supplies of $3 were counted on December 31, 2015 13. Depreciation for 2015, $4. 14. Accrued interest of S1 on notes payable 15. Salaries and wages incurred not yet paid or recorded, $3 16. Income tax expense for 2015 was $4 and will be paid in 2016
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