ACCT 504 Week 2 Homework (E2-17A, E2-18A, E3-22A, E3-23A)
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Dr Anna Grayson opened a medical practice specializing in physical therapy. During the first month of operation (May), the business, titled. Anna Grayson, Professional Corporation (P.C.), experienced the following events:
1. Record the transactions in the journal of
Dr. Anna Grayson, P.C. List the transactions by date and give an explanation for each transaction
6 Grayson invested $138,000 in the business, which in turn issued its common stock to her.
9 The business paid cash for land costing $63,000.
Grayson plans to build an office building on the land.
12 The business purchased medical supplies for $1,500 on account.
15 Dr. Anna
P.C., officially opened for business.
During the rest of the month,
treated patients and earned service revenue of
receiving cash for half the revenue earned.
The business paid cash expenses: employee salaries,
31 The business sold supplies to another physician for cost of
31 The business borrowed
signing a note payable to the bank.
31 The business paid
Clark Truck Rentals Company faced the following situations.
a. The business has interest expense of $ 3,000
that it must pay early in January 2015
b. Interest revenue of $4,500 has been earned but not yet received.
c. On July 1, 2014, when the business collected $13,900 rent in advance, it debited Cash and credited Unearned Rent Revenue. The tenant was paying for two years' rent.
d. Salary expense is $5,500 per daylong dash—Monday through Friday dash—and
the business pays employees each Friday. For the purpose of this calculation, assume
December 31 falls on a Thursday.
e. The unadjusted balance of the Supplies account is $3,000.
The total cost of supplies on hand is $ 1,500.
f. Equipment was purchased at the beginning of this year at a cost of $120,000.
The equipment's useful life is five years. There is no residual value. Record depreciation for this year and then determine the equipment's book value.
Journalize the adjusting entry needed at December
31, 2014, for each situation. Consider each fact separately
The adjusted trial balance of
Homemade HamsHomemade Hams,
Homemade Hams, Inc.
Adjusted Trial Balance
Account (Amounts in thousands)
Accounts receivable 1,800
Prepaid expenses 1,900
Property, plant, and equipment 16,700
Accumulated depreciation, property, plant, and equipment
Other assets 9,700
Income tax payable
Retained earnings (beginning, December 31, 2013)
Cost of goods sold 25,600
Selling, administrative, and general expense 10,400
Income tax expense 2,000
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