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Landry Medical Services
|
|
Dr $ |
Cr $ |
|
Cash |
127,000 |
|
|
|
151,000 |
|
|
Allowance for Bad-Debts |
|
12,500 |
|
Merchandise Inventory |
187,500 |
|
|
Store Supplies |
58,000 |
|
|
Prepaid Insurance |
72,000 |
|
|
Prepaid Rent |
56,000 |
|
|
Furniture & Fixtures |
800,000 |
|
|
|
|
256,000 |
|
Computer Equipment |
450,000 |
|
|
Accumulated Depreciation: Computer Equipment |
|
|
|
Accounts Payable |
|
133,500 |
|
Salaries Payable |
|
|
|
Interest Payable |
|
27,000 |
|
Unearned Sales Revenue |
|
82,000 |
|
Long-Term Loan |
|
360,000 |
|
Eva Ready, Capital |
|
898,500 |
|
Eva Ready, Withdrawals |
104,000 |
|
|
Sales Revenue |
|
1,043,000 |
|
Sales Discount |
7,000 |
|
|
Sales Returns & Allowances |
5,500 |
|
|
Cost of Goods Sold |
403,000 |
|
|
Salaries Expense |
165,000 |
|
|
Insurance Expense |
|
|
|
Utilities Expense |
87,500 |
|
|
Rent Expense |
126,000 |
|
|
Depreciation Expense – Furniture & Fixtures |
|
|
|
Depreciation Expense – Computer Equipment |
|
|
|
Store Supplies Expense |
|
|
|
Gain on Disposal of Old Computer Equipment |
|
14,000 |
|
Bad-Debt Expense |
|
|
|
Interest Expense |
_ 27,000 |
________ |
|
Total |
2,826,500 |
2,826,500 |
The following additional information is available at June 30, 2020:
(i) Store Supplies on hand at June 30, 2020 amounted to $25,000.
(ii) Insurance of $72,000 was paid on May 1, 2020 for the 6-months to October 31, 2020
(iii) Rent was paid on March 31, 2020 for the 4-months to July 31, 2020.
(iv) The furniture and fixtures have an estimated useful life of 10 years and is being
(v) The computer equipment was acquired on March 31, 2020 and is being depreciated over 5 years on the double-declining balance method of depreciation, down to a residue of $30,000
(vi) Salaries earned by employees not yet paid amounted to $14,000 at June 30, 2020.
(vii) Accrued interest expense as of June 30, 2020, $9,000.
(viii) At June 30, 2020, $48,000 of the previously unearned sales revenue had been earned
(ix) The aging of the Accounts Receivable schedule at June 30, 2020 indicated that the Allowance for
(x) After making all other adjustments, a physical count of inventory was done, which
reveals that there was $186,000 worth of inventory on hand at June 30,2020
Other data:
(xi) The business is expected to make principal payments totalling $90,000 towards the loan during the fiscal year to June 30 ,2021
Required:
a) Prepare the necessary
b) Prepare the Adjusted Trial balance for the period ending June 30, 2020.
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- Trial Balance as at June 30, 2022 A/C Name D R C R Cash 1,400,000 Accounts receivable 1,400,000 Allowance for bad debt 100,000 Merchandise Inventory 1,400,000 Store Supplies 400,000 Prepaid Insurance 211,500 Prepaid rent 420,000 Furniture and fixtures 1,000,000 Accumulated depreciation-Furniture and Fixtures 99,000 Motor Truck 1,200,000 Accumulated depreciation - Motor Truck Accounts payable 50,000 Salary payable Interest payable 28,000 Unearned Sales revenue 205,000 Long-term loan 2,500,000 Gregg's, Capital 3,500,000 Gregg's, Withdrawals 125,000 Sales revenue 4,201,900 Sales discount 160,500 Sales returns and allowances 145,400 Cost of goods sold 1,055,000 Salaries expense 808,000 Insurance Expense 211,500 Utilities Expense 325,000 Rent Expense 480,000 Depreciation Expense – Furniture & Fixtures Depreciation Expense – Motor Truck Store Supplies Expense Gain on Disposal of Old Motor Truck 58,000 Bad-Debt Expense Interest Expense 10,741,900 10,741,900 Trial Balance ACCT1002 –…arrow_forward25arrow_forwardPlease do not give solution in image format thankuarrow_forward
- Please help me. Thankyou.arrow_forward2021 Dec 31 Recorded Bad Debt Expense of $15,500 2022 Apr 1 Wrote off J.Salazar account of $3500 as uncollectible 2022 June 4 Wrote off T.Savvy account of $4000 as uncollectible 2022 August 10 Recovered $1500 from T. Savvy Required Journalize the transactions using the income statement approach to estimate bad debts. Journalize how Sloan Company would record the T Savvy bad debt situation if the direct write-off method had been used. Assume the bad debt was recovered on August 10, 2023.arrow_forwardcomplete part 2arrow_forward
- Kmuarrow_forwardAdministration General services Nursing services Other professional services Totals 12/31/2020 $ 9,200 12/31/2023 $ 8,100 9,900 11,000 19,000 17,600 39,300 44,000 $77,400 $80,700 (c) Portion of mortgage payable due within one year, $520,000. (8) A $671 unrealized loss on investments occurred. (9) Nominal accounts were closed. Necessary adjustments were made to increase the Net Assets-Without Donor Restrictions, Designated for Plant. Required a-1. Prepare journal entry for the preceding transactions during the fiscal year ended December 31, 2023, assuming that Edwards Lake Community Hospital is a not- for-profit hospital. a-2. Prepare closing entries for the fiscal year ended December 31, 2023, assuming that Edwards Lake Community Hospital is a not-for-profit hospital. b. Prepare a balance sheet as of December 31, 2023. c-1. Prepare a statement of operations for the year ended December 31, 2023. c-2. Prepare a statement of changes in net assets for the year ended December 31, 2023. d.…arrow_forward
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