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The general ledger of Allied Health at January 1,2024 , includes the following account balances: The following is a summary of the transactions for the
The general ledger of Allied Health at January 1,2024 , includes the following account balances: The following is a summary of the transactions for the year: 1. January 24 Provide health services for cash, $10,500, and on account, $55,500. 2. March 13 Collect on accounts receivable, $43,500. 3. May 6 Issue shares of common stock in exchange for $11,000 cash. 4. June 30 Pay salaries for the current year, $31,100. 5. September 15 Pay utilities of $3,200 from 2023 (prior year). 6. November 24 Receive cash in advance from customers, $6,200. 7. December 30 Pay $1,100 cash dividends to stockholders. Required: 2. Record each of the summary transactions listed above. 4. Prepare an unadjusted trial balance. 5. Record adjusting entries. Depreciation for the year on the machinery is $4,200. Supplies remaining on hand at the end of the year equal $1,100. Of the $6,200 paid in advance by customers, $5,100 of the work has been completed by the end of the year. Accrued utilities at year-end amounted to $7,900. 7. Prepare an adjusted trial balance. 8-a. Prepare the income statement for the year ended December 31, 2024. 8-b. Prepare the classified balance sheet for the year ended December 31,2024. 9. Record closing entries. 1., 3., 6., \& 10. Post the transactions, adjusting entries and closing entries to the T-accounts. Be sure to include beginning balances. 11. Prepare a post-closing trial balance. Complete this question by entering your answers in the tabs below. Record each of the summary transactions listed above. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.)
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