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Heres the problems with my according journal entries and t accounts, however the t accounts wont equal and I cant figure it out to save
Heres the problems with my according journal entries and t accounts, however the t accounts wont equal and I cant figure it out to save my life. I believe Im missing 98,900 on the credit side, but not sure what else. Please help! Dr. McStuffins has a medical clinic formed as a corporation that provides specialty care services 84,000 151,000 to patients. The balances in the accounts as of January 1, 2016 are as follows: 4,000 Notes Payable 24,000Contributed Capital Cash 28,000 ,000 Retained Earninge- 107,000 Patient Service Revenuc 66,000 Income Tax Expense Office Supplies Land Office Fixtures and Equipment29,000 Medical Instruments Compensation Expense 49,000 Insurance Expense 0 Below are the business transactions for January JANUARY 1 Purchased Office Fixtures and Equipment for $50,000. The clinic paid $15,000 in cash and financed the remaining balance with debt by signing a note promising to pay in three years. Ignore interest. 4 Received $38,000 of cash from an investor in exchange for 1,500 shares of stock in the clinic. Purchased office supplies on account expected to last several months for $3,000 10 Received $9,900 from customers on previously billed medical services (Gi.e, medical scrvices provided in 2015) 15 Paid suppliers $4,000 included in accounts payable 20 Purchased medical instruments for $12,500 in cash 23 Billed clients $98,900 for services rendered. Of this amount, $50,000 was received irn cash, and the balance was billed on account (due in 30 days) 25 Paid $4,900 in income taxes for taxes incurred during January 27 Received a $7,800 invoice for insurance coverage in January. The entire amount is due to be paid on February 16. You can consider this an accounts payable 28 Paid employees $32,500 in salaries for work done during the month of January 31 Paid Light Co. $1,800 for utilities used in the clinic during the month of January
Heres the problems with my according journal entries and t accounts, however the t accounts wont equal and I cant figure it out to save my life. I believe Im missing 98,900 on the credit side, but not sure what else. Please help!
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