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C4-3 Recording Transactions (Including Adjusting Journal Entrie Computing Net Profit Margin and Current Ratio (Chapters...

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Accounting

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C4-3 Recording Transactions (Including Adjusting Journal Entrie Computing Net Profit Margin and Current Ratio (Chapters 2, 3, a Drs. Glenn Feltham and Gary Entwistle began operations of their physical therapy clinic called No Physical Therapy on January 1, 2014. The annual reporting period ends December 31. The trial b January 1, 2015, was as follows (the amounts are rounded to thousands of dollars to simplify): Account Titles Cash Accounts Receivable Supplies Equipment Debit Credit $ 7 $ 1 Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Tax Payable Uneaned Revenue Common Stock Retained Earnings Service Revenue Depreciation Expense 0 15 0 0 Income Tax Expense Interest Expense Supplies Expense Totals $26 $26 Transactions during 2015 (summarized in thousands of dollars) follow: 1. Borrowed $22 cash on July 1, 2015, signing a six-month note payable. 2. Purchased equipment for $25 cash on July 2, 2015. 3. Issued additional shares of common stock for $5 on July 3 4. Purchased software on July 4, $3 cash

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