Answered step by step
Verified Expert Solution
Question
...
1 Approved Answer
please help. all three parts experienced the following events Dr. Sarah Beard opened a medical practice specializing in physical therapy. During the first month of
please help. all three parts
experienced the following events Dr. Sarah Beard opened a medical practice specializing in physical therapy. During the first month of operation (uys the business, titled Dr. Sarah Beard, Professional Corporation (PC). Click the icon to view the evento) Click the loon to row the journal entries) Read the requirements CH Requirement 1. Post the entries to the edge ng account Key transactions by date. Determine the ending balance in each account. (Record transactions from the 15-31 of the months occurring on the last day of the month Calculate the balance for each account and entert on the appropriate side of each Taccount Requirement 1. Post the entries to the ledger, using T-accounts. Key transactions by date. Determine the ending balance in each account (Record Calculate the balance for each account and enter it on the appropriate side of each T-account Cash Accounts Payable Service Revenue Accounts Receivable Note Payable Salary Expense Medical Supplies Common Stock Rent Expense Medical Supplies Common Stock Rent Expense Land Utilities Expense Requirement 2. Prepare the trial balance of Dr. Sarah Beard, P.C., at July 31, 2021. Review the T-accounts prepared in a previous step. Dr. Sarah Beard, P.C. Trial Balance July 31, 2021 Balance Account Debit Credit Total Requirement 3. From the trial balance, determine total assets, total liabilities, and total stockholders' equity on July 31. Total assets Total liabilities Total stockholders' equity Jul 6 Jul 9 Jul 12 Jul 15 Jul 15-31 Beard invested $136,000 in the business, which in turn issued its common stock to her. The business paid cash for land costing $59,000. Beard plans to build an office building on the land. The business purchased medical supplies for $1,400 on account. Dr. Sarah Beard, P.C., officially opened for business. During the rest of the month, Beard treated patients and earned service revenue of $9,000, receiving cash for half the revenue earned. The business paid cash expenses: employee salaries, $3,300; office rent, $700; utilities, $1,800. The business sold medical supplies to another physician for cost of $200 and received cash. The business borrowed $35,000, signing a note payable to the bank. The business paid $500 on account. Jul 15-31 Jul 31 Jul 31 Jul 31 Journal Entry Accounts and Explanations Date Debit Credit Jul 6 Cash 136,000 Common Stock 136,000 Issued stock to owner. Jul 9 Land 59,000 Cash 59,000 Jul 1,400 1,400 Jul Jul Purchased land. 12 Medical Supplies Accounts Payable Purchased supplies on account. 15 No entry required 31 (a) Cash Accounts Receivable Service Revenue Performed service for cash and on account. 31 (b) Salary Expense Rent Expense 4,500 4,500 9,000 Jul 3,300 700 Utilities Expense 1.800 Jul Jul 4,500 4,500 9,000 Jul 3,300 700 1,800 5,800 15 No entry required 31 (a) Cash Accounts Receivable Service Revenue Performed service for cash and on account. 31 (b) Salary Expense Rent Expense Utilities Expense Cash Pald expenses. 31 (c) Cash Medical Supplies Sold supplies. 31 (d) Cash Note Payable Borrowed money 31 (e) Accounts Payable Cash Jul 200 200 Jul 35,000 35,000 Jul 500 500 Pald on account
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/668fee5d0cbfb_700668fee5cb610d.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/668fee5da8ec0_701668fee5d45fe4.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/668fee5e5e9d6_701668fee5df197a.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/668fee5f0221a_702668fee5e88eae.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/668fee5f8ed03_703668fee5f39222.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/668fee6039407_703668fee5fb8edb.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/668fee60c2930_704668fee6063f55.jpg)
![image text in transcribed](https://s3.amazonaws.com/si.experts.images/answers/2024/07/668fee6181d4d_705668fee610108b.jpg)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started