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Record the following selected transactions in general journal form like below for Sun Orthopedic Clinic, Inc. Include a brief explanation of the transaction as part
Record the following selected transactions in general journal form like below for Sun Orthopedic Clinic, Inc. Include a brief explanation of the transaction as part of each journal entry. Feb. 1 The clinic issued 4,000 additional shares of capital stock to Doctor Soges at $50 per share. Feb. 4 The clinic purchased diagnostic equipment. The equipment cost $75,000, of which $25,000 was paid in cash; a note payable was issued for the balance. Feb. 12 Issued a check for $9,000 in full payment of an account payable to Zeller Laboratories. Feb. 19 Purchased surgical supplies for $2,600. Payment is not due until November 28. Feb. 25 Collected a $24,000 account receivable from Health One Insurance Company. Feb. 26 Declared and paid a $300,000 cash dividend to stockholders. a) Record each of the above transactions in general journal form like below. SUN ORTHOPEDIC CLINIC GENERAL JOURNAL FEBRUARY 1-26, 2020 Date Account Titles and Explanations Debit Credit 2020 1 Feb. b) Post each entry to the appropriate ledger accounts like below. Generate as many T-tables as required. Some partial sample fillings are done. SUN ORTHOPEDIC CLINIC THE LEDGER FEBRUARY 1-26, 2020 Assets Accounts Liability and Owners' Equity Accounts Share Capital Bal. $200.000 1/2 $200.000 $200.000 1/2 Bal. $200.000
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