Answered step by step
Verified Expert Solution
Question
1 Approved Answer
The following answer filled in is incorrect... please help Dr. Angela Anderson opened a medical practice specializing in physical therapy. During the first month of
The following answer filled in is incorrect... please help
Dr. Angela Anderson opened a medical practice specializing in physical therapy. During the first month of operation (July), the business, titled Dr. Angela Anderson, Professional Corporation (P.C.), experienced the following events: i (Click the icon to view the events.) Requirement 1. Record the transactions in the journal of Dr. Angela Anderson, P.C. List the transactions by date and give an explanation for each transaction. (Record debits first, then credits. Select explanations on the last line of the journal entry table. If an entry is not required, select "No entry required" on the first line of the table and leave all other cells blank.) Jul 6: Anderson invested $144,000 in the business, which in turn issued its common stock to her. Date Credit Journal Entry Accounts and Explanations Cash Common Stock Debit $144,000 Jul $144,000 9 12 15 Jul 6 Anderson invested $144,000 in the business, which in turn issued its common stock to her. The business paid cash for land costing $61,000. Anderson plans to build an office building on the land. The business purchased medical supplies for $2,100 on account. Dr. Angela Anderson, P.C., officially opened for business. 15-31 During the rest of the month, Anderson treated patients and earned service revenue of $8,900, receiving cash for half the revenue earned. 15-31 The business paid cash expenses: employee salaries, $2,600; office rent, $1,100; utilities, $1,800. 31 The business sold medical supplies to another physician for cost of $900 and received cash. The business borrowed $30,000, signing a note payable to the bank. 31 The business paid $1,200 on account. 31 Dr. Angela Anderson opened a medical practice specializing in physical therapy. During the first month of operation (July), the business, titled Dr. Angela Anderson, Professional Corporation (P.C.), experienced the following events: i (Click the icon to view the events.) Requirement 1. Record the transactions in the journal of Dr. Angela Anderson, P.C. List the transactions by date and give an explanation for each transaction. (Record debits first, then credits. Select explanations on the last line of the journal entry table. If an entry is not required, select "No entry required" on the first line of the table and leave all other cells blank.) Jul 6: Anderson invested $144,000 in the business, which in turn issued its common stock to her. Date Credit Journal Entry Accounts and Explanations Cash Common Stock Debit $144,000 Jul $144,000 9 12 15 Jul 6 Anderson invested $144,000 in the business, which in turn issued its common stock to her. The business paid cash for land costing $61,000. Anderson plans to build an office building on the land. The business purchased medical supplies for $2,100 on account. Dr. Angela Anderson, P.C., officially opened for business. 15-31 During the rest of the month, Anderson treated patients and earned service revenue of $8,900, receiving cash for half the revenue earned. 15-31 The business paid cash expenses: employee salaries, $2,600; office rent, $1,100; utilities, $1,800. 31 The business sold medical supplies to another physician for cost of $900 and received cash. The business borrowed $30,000, signing a note payable to the bank. 31 The business paid $1,200 on account. 31Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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