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The following information applies to the questions displayed below.) Drs. Glenn Fetham and Gary Entwistle began operations of their physical therapy clinic called Northland Physical
The following information applies to the questions displayed below.) Drs. Glenn Fetham and Gary Entwistle began operations of their physical therapy clinic called Northland Physical Therapy on January 1, 2014. The annual reporting period ends December 31. The trial balance on January 1, 2015, was as follows the amounts are rounded to thousands of dollars to simplify Debit Credit $ 6 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 Unearned Revenue Common Stock Retained Earnings Service Revenue Depreciation Expense Amortization Expense Income Tax Expense Interest Expense Supplies Expense OOOOOOO Totals $26 $26 Transactions during 2015 (summarized in thousands of dollars) follow. 1. Borrowed $29 cash on July 1, 2015, signing a six-month note payable. 2. Purchased equipment for $32 cash on July 1, 2015 3. Issued additional shares of common stock for $6. 4. Earned revenues for 2015 of $63, including $9 on credit and $54 received in cash 5. Recognized salaries and wages expense for 2015 of $37; paid in cash. 6. Purchased software, $2 cash. 7. Collected accounts receivable, $8. 8. Purchased supolles on account for future use, $8. 9. Paid accounts payable, SS. 10. Received a $2 cash deposit from a hospital for a contract to start January 5, 2016. Data for adjusting journal entries: 11. Amortization for 2015, $1. 12. Supples of $2 were counted on December 31, 2015. 13. Depreciation for 2015, $3. 14. Accrued interest of $1 on notes payable. 15. Salaries and wages incurred not yet paid or recorded, $4. 16. Income tax expense for 2015 was $3 and will be paid in 2016. Required: 2. Record journal entries for transactions (1) through (10). (If no entry is required for a transactionlevent, select "No Journal Entry Required in the first account field. Enter your answers in thousands of dollars.) View transaction list Journal entry worksheet 2 3 4 5 6 7 8 9 10 > Record the borrowing $29 cash on July 1, 2015, signing a six-month note payable. Note: Enter debits before credits. Transaction General Journal Debit Credit Record entry Clear entry View general journal
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