Answered step by step
Verified Expert Solution
Question
1 Approved Answer
I would like to get the answer for Question P3-1 and the answer for the subpart of the question on P3-2. Obj P3-1 Accrual basis
I would like to get the answer for Question P3-1 and the answer for the subpart of the question on P3-2.
Obj P3-1 Accrual basis accounting Oasis Health Care Inc. is owned and operated by Dr. George Hancock, the sole stockholder During January 20Y6, Oasis Health Care entered into the following transactions Received $15,000 from Rivers Company as rent for the use of a vacant office an Oasis Health Care's building. Rivers paid the rent six months in advance. d S4,200 for an insurance premium on a general business 6 Purchased supplies of $1,800 on account. Collected 827,500 for services provided to customers on account. 11 Paid creditors S3,000 on account. 18 Invested an additional S25,000 in the business in exchange for capital stock Billed patients S62,000 for services provided on account. 20 25 Received $12,900 for services provided to customers who paid cash 30 Paid expenses as follows: wages, $24,000; utilities, $6,000; rent on medical equip ment, $5,000; interest, $200; and miscellaneous, $2,500 30 Paid dividends of $15,000 to stockholders (Dr. Hancock). Instructions Analyze and record the January transactions for Oasis Health Care Inc. using the integrated financial statement framework. Record each transaction by date, and show the balance for each item after each transaction. The January 1, 20Y6, balances for the balance sheet are shown below Stockholders Liabilities Equity Assets Accts Pre Acc Accts Un Wages Notes Capital Retained Cash Rec. Supp Building Depr. Land Pay. Rev. t Pay. Pay. Stock Earnings Bal, Jan. 1 20,000 34,500 700 1,000 150,000 11,200 120,000 7,500 30,000 50,000 227,500 P3-2 Adjustment process Obj Adjustment data for Oasis Health Care Inc. for January are as follows 1. Insurance expired, $800 2. Supplies on hand on January 31, S1,100 3. Depreciation on building, $2,000. i. Unearned rent revenue earned, $2,500 5. Wages owed employees b not paid, $1,700 6. Services provided b not billed to patients, $10,000 Instructions Based on the transactions recorded in January for Problem 3-1, record the adjustments for January using the integrated financial statement frameworkStep by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started