zabela Jach opened a medical office under the name Izabela I Jach, MD, on August 1, 2021 On August 31, the balance sheet showed Cash $3,000 Accounts Receivable $1,500 Supplies $600 Equipment $7,500 Accounts Payable $5,500 Note Payable $3,000 Izabela Jach, Capital $4,100 During September, the following transactions occurred Sept 4 Collected $800 of accounts receivable Sept 5 Provided services of $10,500, of which $7,700 was collected from patients and the remainder was on account Sept 7 Paid $2,900 on accounts payable Sept 12 Purchased additional equipment for $2,300, paying $800 cash and leaving the balance on account Sept 15 Purchased additional equipment for $2,300, paying $800 cash and leaving the balance on account Sept 15 Paid salaries, $2,800 rent for September, $1,900 and advertising expenses, $275 Sept 18 Collected the balance of the accounts receivable from August 31 Sept 20 Withdrew $1,000 for personal use Sept 26 Borrowed $3,000 from the Bank of Montreal on a note payable Sept 28 Signed a contract to provide medical services, not covered under the government health plan, to employees of CRS Corp in October for $5,700 CRS Corp will pay the amount owing after the medical services have been provided Sept 29 Received the telephone bill for September, $325 Sept 30 Billed the government $10,000 for services provided to patients in September Instructions Prepare an income statement Prepare a statement of owner's equity for September Prepare a balance sheet at September 30

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Posted on Sep 27, 2024

zabela Jach opened a medical office under the name Izabela I. Jach, MD, on August 1, 2021.

On August 31, the balance sheet showed:

Cash $3,000

Accounts Receivable $1,500

Supplies $600

Equipment $7,500

Accounts Payable $5,500

Note Payable $3,000

Izabela Jach, Capital $4,100

During September, the following transactions occurred:

Sept. 4	Collected $800 of accounts receivable.
Sept. 5	Provided services of $10,500, of which $7,700 was collected from patients and the remainder was on account.
Sept. 7	Paid $2,900 on accounts payable.
Sept. 12	Purchased additional equipment for $2,300, paying $800 cash and leaving the balance on account.
Sept. 15	Purchased additional equipment for $2,300, paying $800 cash and leaving the balance on account.
Sept. 15	Paid salaries, $2,800; rent for September, $1,900; and advertising expenses, $275.
Sept. 18	Collected the balance of the accounts receivable from August 31.
Sept. 20	Withdrew $1,000 for personal use.
Sept. 26	Borrowed $3,000 from the Bank of Montreal on a note payable.
Sept. 28	Signed a contract to provide medical services, not covered under the government health plan, to employees of CRS Corp. in October for $5,700. CRS Corp. will pay the amount owing after the medical services have been provided.
Sept. 29	Received the telephone bill for September, $325.
Sept. 30	Billed the government $10,000 for services provided to patients in September.