50.1K

Verified Solution

Link Copied!

Drs. Glenn Feltham and David Ambrose began operations of their physical therapy clinic, called Northland Physical Therapy, on January 1, 2017. The annual reporting period ends December 31. The trial balance on January 1, 2018, was as follows the amounts are rounded to thousands of dollars to simplifyy: Debit $ 8 Credit 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 Payable Deferred Revenue Common Stock Retained Earnings Service Revenue Depreciation Expense Amortization Expense Salaries and Wages Expense Supplies Expense Interest Expense Income Tax Expense Totals 528 Transactions during 2018 (summarized in thousands of dollars) follow Transactions during 2018 (summarized in thousands of dollars) follow. a. Borrowed $27 cash on July 1, 2018, signing a six-month note payable. b. Purchased equipment for $30 cash on July 2, 2018 c. Issued additional shares of common stock for $4 on July 3. d. Purchased software on July 4, $4 cash. e. Purchased supplies on July 5 on account for future use. $6. Recorded revenues on December 6 of $62. including $10 on credit and $52 received in cash. g. Recognized salaries and wages expense on December 7 of $35: paid in cash. h. Collected accounts receivable on December 8, $7. 1. Paid accounts payable on December 9, $8. Received a $4 cash deposit on December 10 from a hospital for a contract to start January 5, 2019. Data for adjusting journal entries on December 31: k. Amortization for 2018. $1. 1. Supplies of $4 were counted on December 31, 2018. m. Depreciation for 2018. $2. n. Accrued interest of $1 on notes payable. o. Salaries and wages incurred but not yet paid or recorded, $2. p. Income tax expense for 2018 was $5 and will be paid in 2019. (Enter all of your answers in thousands of dollars. (i.e., $100,000 should be entered as $100).) Unadjusted General Ledger Account Cash Accounts Receivable Debit Credit No. Debit Credit Balance No. Balance Date Jan 01, 2018 Date Jan 01, 2018 Supplies Equipment No. Debit Credit Balance No. Debit Credit Balance Date Jan 01, 2018 Date Jan 01, 2018 Software No. Accumulated Depreciation-Equipment Date Debit Credit Jan 01, 2018 Balance No. Debit Credit Credit Balance Date Jan 01, 2018 Accumulated Amortization Date Debit Credit Jan 01, 2018 Accounts Payable Debit Credit No. Balance No. Balance Date Jan 01, 2018 Common Stock Debit Credit Retained Earnings Debit Credit No. Balance | No. Balance Date Jan 01, 2018 Date Jan 01, 2018 LOL JULHO Ry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted, adjusted, or post-closing balances. Adjusted General Ledger Account Cash Accounts Receivable Debit Credit No. Debit Credit Balance No. Date Jan 01, 2018 Balance Date Jan 01, 2018 Supplies Debit Equipment Debit NO. Credit Balance No. Credit Balance Date Jan 01, 2018 Date Jan 01, 2018 Software No. Accumulated Depreciation Equipment Date Debit Credit Jan 01, 2018 Balance No. Debit Credit Balance Date Jan 01, 2018 Accounts Payable Debit Credit No. Accumulated Amortization Date Debit Credit Jan 01, 2018 Balance No. Balance Date Jan 01, 2018 Common Stock Retained Earnings Debit Credit No. Date Debit Credit Balance No. Date Balance Post-closing General Ledger Account Cash Debit No. Date Jan 01, 2018 Accounts Receivable Debit Credit Credit Balance Date Jan 01, 2018 Balance Supplies Debit Equipment No. Credit Balance No. Date Jan 01, 2018 Debit Credit Balance Date Jan 01, 2018 Software No. Accumulated Depreciation-Equipment Date Debit Credit Jan 01, 2018 Balance No. Debit Credit Balance Date Jan 01, 2018 Accounts Payable No. Accumulated Amortization Date Debit Credit Jan 01, 2018 Balance No. Debit Credit Balance Date Jan 01, 2018 Retained Earnings Common Stock Debit Credit No. Date Balance No. Date Debit Credit Balance Drs. Glenn Feltham and David Ambrose began operations of their physical therapy clinic, called Northland Physical Therapy, on January 1, 2017. The annual reporting period ends December 31. The trial balance on January 1, 2018, was as follows the amounts are rounded to thousands of dollars to simplifyy: Debit $ 8 Credit 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 Payable Deferred Revenue Common Stock Retained Earnings Service Revenue Depreciation Expense Amortization Expense Salaries and Wages Expense Supplies Expense Interest Expense Income Tax Expense Totals 528 Transactions during 2018 (summarized in thousands of dollars) follow Transactions during 2018 (summarized in thousands of dollars) follow. a. Borrowed $27 cash on July 1, 2018, signing a six-month note payable. b. Purchased equipment for $30 cash on July 2, 2018 c. Issued additional shares of common stock for $4 on July 3. d. Purchased software on July 4, $4 cash. e. Purchased supplies on July 5 on account for future use. $6. Recorded revenues on December 6 of $62. including $10 on credit and $52 received in cash. g. Recognized salaries and wages expense on December 7 of $35: paid in cash. h. Collected accounts receivable on December 8, $7. 1. Paid accounts payable on December 9, $8. Received a $4 cash deposit on December 10 from a hospital for a contract to start January 5, 2019. Data for adjusting journal entries on December 31: k. Amortization for 2018. $1. 1. Supplies of $4 were counted on December 31, 2018. m. Depreciation for 2018. $2. n. Accrued interest of $1 on notes payable. o. Salaries and wages incurred but not yet paid or recorded, $2. p. Income tax expense for 2018 was $5 and will be paid in 2019. (Enter all of your answers in thousands of dollars. (i.e., $100,000 should be entered as $100).) Unadjusted General Ledger Account Cash Accounts Receivable Debit Credit No. Debit Credit Balance No. Balance Date Jan 01, 2018 Date Jan 01, 2018 Supplies Equipment No. Debit Credit Balance No. Debit Credit Balance Date Jan 01, 2018 Date Jan 01, 2018 Software No. Accumulated Depreciation-Equipment Date Debit Credit Jan 01, 2018 Balance No. Debit Credit Credit Balance Date Jan 01, 2018 Accumulated Amortization Date Debit Credit Jan 01, 2018 Accounts Payable Debit Credit No. Balance No. Balance Date Jan 01, 2018 Common Stock Debit Credit Retained Earnings Debit Credit No. Balance | No. Balance Date Jan 01, 2018 Date Jan 01, 2018 LOL JULHO Ry is posted automatically to the general ledger. Use the drop-down button to view the unadjusted, adjusted, or post-closing balances. Adjusted General Ledger Account Cash Accounts Receivable Debit Credit No. Debit Credit Balance No. Date Jan 01, 2018 Balance Date Jan 01, 2018 Supplies Debit Equipment Debit NO. Credit Balance No. Credit Balance Date Jan 01, 2018 Date Jan 01, 2018 Software No. Accumulated Depreciation Equipment Date Debit Credit Jan 01, 2018 Balance No. Debit Credit Balance Date Jan 01, 2018 Accounts Payable Debit Credit No. Accumulated Amortization Date Debit Credit Jan 01, 2018 Balance No. Balance Date Jan 01, 2018 Common Stock Retained Earnings Debit Credit No. Date Debit Credit Balance No. Date Balance Post-closing General Ledger Account Cash Debit No. Date Jan 01, 2018 Accounts Receivable Debit Credit Credit Balance Date Jan 01, 2018 Balance Supplies Debit Equipment No. Credit Balance No. Date Jan 01, 2018 Debit Credit Balance Date Jan 01, 2018 Software No. Accumulated Depreciation-Equipment Date Debit Credit Jan 01, 2018 Balance No. Debit Credit Balance Date Jan 01, 2018 Accounts Payable No. Accumulated Amortization Date Debit Credit Jan 01, 2018 Balance No. Debit Credit Balance Date Jan 01, 2018 Retained Earnings Common Stock Debit Credit No. Date Balance No. Date Debit Credit Balance

Answer & Explanation Solved by verified expert

See Answer