The following information applies to the questions displayed below.] Drs. Glenn
ID: 2341056 • Letter: T
Question
The following information applies to the questions displayed below.] Drs. Glenn Feltham 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): 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 Pavable Unearned Revenue Common Stock Retained Earnings Service Revenue Depreciation Expense Amortization Expense Income Tax Expense Interest Expense Supplies Expense Debit Credit 10 0 0 0 0 15 0 0 0 0 0 0 Totals $30 $30Explanation / Answer
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Northland Physical Therapy
General entries (All Amount in Thousand)
Transaction
General journal
Debit
Credit
1
Cash
31
Notes payable
31
(To record Borrowed cash signing six month notes payable.)
2
Equipment
34
Cash
34
(To record purchase of equipment.)
3
Cash
5
Common stock
5
(To record issued of additional common stock.)
4
Cash
56
Account receivable
8
Service revenue
64
(To record service revenue 8 on account and 56 on cash.)
5
Salaries and wages expense
39
Cash
39
(To record salaries and wages expense paid.)
6
Software
3
Cash
3
(To record purchase of software.)
7
Cash
9
Account receivable
9
(To record collected from account receivable.)
8
Supplies
7
Account payable
7
(To record purchase of supplies on credit.)
9
Account payable
10
Cash
10
(To record paid To account payable.)
10
Cash
3
Unearned service revenue
3
(To record cash deposit received in form of unearned service revenue.)
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