P3.1B (L0 2,4) (Transactions, Financial StatementsService Company) Listed below are the transactions of Rook Medical, for the month of March.

March 1 Rook begins practice as a family practitioner and invests $50,000 cash.

March 1 Purchases medical equipment on account from JK Enterprises for $22,800.

March 3 Pays rent for office space, $1,500 for the month.

March 3 Employs a receptionist, Michelle Kwin.

March 4 Purchases medical supplies for cash, $1,165.

March 10 Receives cash of $850 from patients for services performed.

March 15 Bills patients $11,560 for services performed.

March 21 Pays JK Enterprises. on account, $7,600.

March 23 Withdraws $3,000 cash from the business for personal use.

March 26 Receives $2,600 from patients on account.

March 30 Bills patients $6,890 for services performed.

March 31 Pays the following expenses in cash: Salaries and wages $2,500; miscellaneous office expenses $910.

March 31 Medical supplies used during the month, $695.

Instructions;

1. Enter the transactions shown above in appropriate general ledger accounts (use T-accounts). Use the following ledger accounts: Cash, Accounts Receivable, Supplies, Equipment, Accumulated DepreciationEquipment, Accounts Payable, Owners Capital, Service Revenue, Rent Expense, Office Expense, Salaries and Wages Expense, Supplies Expense, Depreciation Expense, and Income Summary. Allow 10 lines for the Cash and Income Summary accounts, and 5 lines for each of the other accounts needed. Record depreciation using a 5-year life on the equipment, the straight-line method, and no salvage value. Do not use a drawing account.