Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Record journal entries for transactions (a) through (j) . (If no entry is required for a transaction/event, select No Journal Entry Required in the first
Record journal entries for transactions (a) through (j). (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field. Enter your answers in thousands of dollars.)
Required information (The following information applies to the questions displayed below.] Drs. Glenn Feltham and David Ambrose began operations of their physical therapy clinic, called Northland Physical Therapy, on January 1, 2020. The annual reporting period ends December 31. The trial balance on January 1, 2021, was as follows (the amounts are rounded to thousands of dollars to simplify): Debit Credit $ 7 3 3 10 $ 3 7 3 4 Account Titles Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Taxes Payable Deferred Revenue Common Stock Retained Earnings Service Revenue Depreciation Expense Amortization Expense Salaries and Wages Expense Supplies Expense Interest Expense Income Tax Expense Totals OOOOOOW 15 5 OOOOO 0 $ 30 $ 30 Transactions during 2021 (summarized in thousands of dollars) follow: a. Borrowed $31 cash on July 1, 2021, signing a six-month note payable. b. Purchased equipment for $34 cash on July 2, 2021. C. Issued additional shares of common stock for $5 on July 3. d. Purchased software on July 4, $3 cash. e. Purchased supplies on July 5 on account for future use, $7. f. Recorded revenues on December 6 of $64, including $8 on credit and $56 received in cash. g. Recognized salaries and wages expense on December 7 of $39; paid in cash. h. Collected accounts receivable on December 8, $9. i. Paid accounts payable on December 9, $10. j. Received a $3 cash deposit on December 10 from a hospital for a contract to start January 5, 2022. Data for adjusting journal entries on December 31: k. Amortization for 2021, $3. 1. Supplies of $3 were counted on December 31, 2021. m. Depreciation for 2021, $4. n. Accrued interest of $1 on notes payable. o. Salaries and wages incurred but not yet paid or recorded, $3. p. Income tax expense for 2021 was $4 and will be paid in 2022Step 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