Dr. Halena Samson opened a medical practice specializing in physical therapy. During the first month...

90.2K

Verified Solution

Question

Accounting

image

Dr. Halena Samson opened a medical practice specializing in physical therapy. During the first month of operation (May), the business, titled Dr. Halena Samson, Professional Corporation (P.C.), experienced the following events (Click the icon to view the events.) Read the requirements. Requirement 1. Analyze the effects of these events on the accounting equation of the medical practice of Dr. Halena Samson, P.C. first transaction on May 6. (Use parentheses or a minus sign when decreasing accounts. If a box is not used in the table leave the box empty; do not enter a zero. Enter the transactions in the same order as they appear in the Begin al list.) Stockholders' Equity i More Info Assets Liabilities Accts Medical Accts Note Common Retained Type of Equity +Supplies + Pavable + Cash Rec Pay. Stock Earnings Transaction and Samson invested $147,000 in the business, which in turn issued i common stock to her cash for land costing $58,000. Samson plans to build an office May 6 35000 2400 58000 147,000 May 6 building on the land. 12 The business purchased medical supplies for $2,400 on account. Dr. Halena Samson, P.C., officially opened for business. During the rest of the month, Samson treated patients and earned service revenue of 15 15-31 15-31 The ucie ad sh expenses 63 700: office rent, $800; utilities, 1,300. (Record expenses as a total amount.) The business sold supplies to another physician for cost of $400 and received cash 31 31 The business borrowed $35,000, signing a note payable to the bank. The business paid $1,300 on account. 31 Choose from any list or enter any number in the input fields and then click Check

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students