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I got stock in this how do I do it please? Accrual Basis Accounting SLO Health Care Inc. is owned and operated by Morgan Denby,
I got stock in this how do I do it please?
Accrual Basis Accounting SLO Health Care Inc. is owned and operated by Morgan Denby, the sole stockholder. During January 2016, SLO Health Care entered into the following transactions: Jan. 1 Received $13,500 from Glenn Company as rent for the use of a vacant office in SLO Health Care's building. Glenn paid the rent nine months in advance. 1 Paid $3,000 for a one-year general insurance business policy. 6 Purchased supplies of $900 on account. 9 Collected $16,000 for services provided to customers on account. 11 Paid creditors $2,500 on account 18 Invested an additional $5,000 in the business in exchange for common stock 20 Billed patients $26,000 for services provided on account. 25 Received $7,500 for services provided to customers who paid cash. 30 Pald expenses as follows: wages, $15,500 utilities, $4,250 rent on medical equipment, $2,650 interest, $100 and miscellaneous, $1,500. 30 Paid dividends of $4,000 to stockholder (Dr. Denby). Instructions: Analyze and record the January transactions for SLO Health Care Inc., using the integrated Financial statement framework. Record each transaction by date, and show the balance each item after each transaction. Do not enter Net income under the income Statement column. The January 1, 2076, balances for the balance sheet are shown below. If an amount box does not require an entry, leave it blank. Enter account decreases and cash outflows as negative amounts using the minus sign. decreases and cash outflows as negative amounts using the minus sign. Financial Statement Effects Balance Sheet Assets Liabilities Cash Accounts Receivable Prepaid Insurance Unearned + + + Supplies + Building Accumulated Depreciation -5,600 Accounts Payable Land Wages Payable + Revenue + Balonces, Jan. 1 Jan. 1. Received rent revenue P 10,000 22,250 350 75,000 60,000 3,850 0 Balances 1. Paid insurance 3,000 Balances Purchased supplies 900 Balances 9. Collected cash Balances 11. Paid creditors balances 18. Issued common stock My Work 1 mare Check My Work main Balance Sheet Liabilities + Stockholders' Equity Accumulated - Depreciation + Accounts Payable Notes Common Unearned Revenue Retained Land Wages Payable + + + Payable + Stock + Earnings -5,600 60,000 3,850 0 0 15,000 25,000 118,750 18. Issued common stock Balances 20. Biled patients Balances 25. Cash fees Balances 30. Paid expenses Balances 30. Paid dividends Balances Statement of Cash Flows Jan. 1. Jan. 1. Jan. 9. Jan. 11. Jan. 18. Jan. 25. Jan. 30. Jan. 30. Net increase in cash Beginning. cash balance, Jan. 1 Ending cash balance, Jan. 31 Statement of Cash Flows Jan. 1. Operating Investing Financing No effect on statement of cash flows Jan. 25. Jan. 30. Jan. 30. Net increase in cash Beginning. cash balance, Jan. 1 Ending cash balance, Jan. 31 Income Statement Jan. 20. Jan. 25. Jan. 30. Jan. 30. Jan. 30. Jan. 30. Jan. 30. Income Statement Jan. 20. Capital stock Cash Fees earned Unearned revenue No income statement account affected Jan. 30. wStep by Step Solution
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