Oct6 Maglin invested $141,000 in the business, which in turn issued its common s
ID: 2561913 • Letter: O
Question
Oct6 Maglin invested $141,000 in the business, which in turn issued its common stock to her. 9 The business paid cash for land costing $56,000. Maglin plans to build an office building on the land. 12 The business purchased medical supplies for $2,000 on account. 15 Dr. Bernice Maglin, P.C., officially opened for business. 15-31 During the rest of the month, Maglin treated patients and earned service revenue of $9,000, receiving cash for half the revenue earned. 15-31 The business paid cash expenses: employee salaries, $2,800; office rent, $1,300; utilities, $1,200. 31 The business sold supplies to another physician for cost of $500. 31 The business borrowed $37,000, signing a note payable to the bank. 31 The business paid $1,300 on account. Journal Entry Date Accounts and Explanations Debit Credit Oct 6 Cash 141,000 Common Stock 141,000 Issued stock to owner. Oct 9 Land 56,000 Cash 56,000 Purchased land. Oct 12 Medical Supplies 2,000 Accounts Payable 2,000 Purchased supplies on account. Oct 15 No entry required Oct 31 (a) Cash 4,500 Accounts Receivable 4,500 Service Revenue 9,000 Performed service for cash and on account. Oct 31 (b) Salary Expense 2,800 Rent Expense 1,300 Utilities Expense 1,200 Cash 5,300 Paid expenses. Oct 31 (c) Cash 500 Medical Supplies 500 Sold supplies. Oct 31 (d) Cash 37,000 Note Payable 37,000 Borrowed money. Oct 31 (e) Accounts Payable 1,300 Cash 1,300 Paid on account. Requirements: 1. Post the entries to the ledger, using T-accounts. Key transactions by date. 2. Prepare the trial balance of Dr. Bernice Maglin, P.C., at October 31, 2014. 3. From the trial balance, determine total assets, total liabilities, and totalstockholders' equity on October 31. Cash Accounts Payable Service Revenue Accounts Receivable Note Payable Salary Expense Medical Supplies Common Stock Rent Expense Land Utilities Expense Choose from any list or enter any number in the input fields and then click Check Answer.
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Cash Accounts receivable Oct-06 141000 Oct-09 56000 Oct 15-31 4500 Oct 15-31 4500 Oct 15-31 2800 Oct-31 500 Oct 15-31 1300 Oct-31 37000 Oct 15-31 1200 Oct-31 1300 End. Bal. 170480 End. Bal. 4500 Medical Supplies Land Oct-12 2000 Oct-31 500 Oct-09 56000 End. Bal. 1500 End. Bal. 56000 Accounts payable Note payable Oct-31 1300 Oct-12 2000 Oct-31 37000 End. Bal. 700 End. Bal. 37000 Common stock Service Revenue Oct-06 141000 Oct 15-31 9000 End. Bal. 141000 End. Bal. 9000 Salaries expense Rent expense Oct 15-31 2800 Oct 15-31 1300 End. Bal. 2800 End. Bal. 1300 Utilities expense Oct 15-31 1200 End. Bal. 1200Related Questions
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