Question
Help! I only need the journal entries and trial balance. Drs. Glenn Feltham and David Ambrose began operations of their physical therapy clinic, called Northland
Help! I only need the journal entries and trial balance.
Drs. Glenn Feltham and David Ambrose began operations of their physical therapy clinic, called Northland Physical Therapy, on January 1, 2017. The annual reporting period ends December 31. The trial balance on January 1, 2018, was as follows (the amounts are rounded to thousands of dollars to simplify):
Account Titles | Debit | Credit | |||||
Cash | $ | 6 | |||||
Accounts Receivable | 2 | ||||||
Supplies | 2 | ||||||
Equipment | 10 | ||||||
Accumulated Depreciation | $ | 1 | |||||
Software | 6 | ||||||
Accumulated Amortization | 1 | ||||||
Accounts Payable | 4 | ||||||
Notes Payable (short-term) | 0 | ||||||
Salaries and Wages Payable | 0 | ||||||
Interest Payable | 0 | ||||||
Income Taxes Payable | 0 | ||||||
Deferred Revenue | 0 | ||||||
Common Stock | 16 | ||||||
Retained Earnings | 4 | ||||||
Service Revenue | 0 | ||||||
Depreciation Expense | 0 | ||||||
Amortization Expense | 0 | ||||||
Salaries and Wages Expense | 0 | ||||||
Supplies Expense | 0 | ||||||
Interest Expense | 0 | ||||||
Income Tax Expense | 0 | ||||||
Totals | $ | 26 | $ | 26 | |||
Transactions during 2018 (summarized in thousands of dollars) follow:
- Borrowed $29 cash on July 1, 2018, signing a six-month note payable.
- Purchased equipment for $32 cash on July 2, 2018.
- Issued additional shares of common stock for $6 on July 3.
- Purchased software on July 4, $2 cash.
- Purchased supplies on July 5 on account for future use, $8.
- Recorded revenues on December 6 of $63, including $9 on credit and $54 received in cash.
- Recognized salaries and wages expense on December 7 of $37; paid in cash.
- Collected accounts receivable on December 8, $8.
- Paid accounts payable on December 9, $9.
- Received a $2 cash deposit on December 10 from a hospital for a contract to start January 5, 2019.
Data for adjusting journal entries on December 31:
- Amortization for 2018, $1.
- Supplies of $2 were counted on December 31, 2018.
- Depreciation for 2018, $3.
- Accrued interest of $1 on notes payable.
- Salaries and wages incurred but not yet paid or recorded, $4.
- Income tax expense for 2018 was $3 and will be paid in 2019.
- Record entry to close revenue and expense accounts to retained earnings. Combine the closing of revenue and expenses into one entry.
(Enter all of your answers in thousands of dollars. (i.e., $100,000 should be entered as $100).)
General Journal tab - Prepare the journal entries to record the transactions (a) through (j). Review the accounts as shown in the General Ledger and Trial Balance tabs. Then prepare the necessary adjusting entries (k) through (p) to correctly report net income for the period. Then record the closing entry as of December
Trial Balance tab - You may view either the unadjusted, adjusted, or post-closing trial balance by choosing from the drop-down.
Prepare the journal entries to record transactions (a) through (). Then prepare the necessary adjusting entries (k) through (p) to correctly report net income for the period. Then record the closing entry as of December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Borrowed $29 cash on July 1, 2018, signing a six-month note payable. Record the transaction. Note: Enter debits before credits. Date General Journal Debit Credit Jul 01, 2018 Record entry Clear entry View general journal Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. Unadjusted NORTHLAND PHYSICAL THERAPY Trial Balance December 10, 2018 Account Title Debit Credit Cash 6 2 2 Accounts Receivable Supplies Equipment Accumulated Depreciation Equipment Software 10 1 6 Accumulated Amortization 1 Accounts Payable 4 Common Stock 16 4 Retained Earnings Total $ 26 $ 26 Prepare the journal entries to record transactions (a) through (). Then prepare the necessary adjusting entries (k) through (p) to correctly report net income for the period. Then record the closing entry as of December 31. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) View transaction list Journal entry worksheet Borrowed $29 cash on July 1, 2018, signing a six-month note payable. Record the transaction. Note: Enter debits before credits. Date General Journal Debit Credit Jul 01, 2018 Record entry Clear entry View general journal Notice the dropdown below that gives the options to select the unadjusted, adjusted or post-closing trial balance. The option you choose will be the values used to populate the income statement and balance sheet tabs. Unadjusted NORTHLAND PHYSICAL THERAPY Trial Balance December 10, 2018 Account Title Debit Credit Cash 6 2 2 Accounts Receivable Supplies Equipment Accumulated Depreciation Equipment Software 10 1 6 Accumulated Amortization 1 Accounts Payable 4 Common Stock 16 4 Retained Earnings Total $ 26 $ 26
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