FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Please do not give solution in image format and fast answering please and explain proper steps by Step.?
Transcribed Image Text:8
9
10
No
1
2
3
4
5
6
7
Transaction
a.
i
b.
j
C.
d.
e.
h.
f.
g.
Show Transcribed Text
Cash
Notes Payable (short-term)
Equipment
Cash
Cash
Accounts Receivable
Service Revenue
Cash
Common Stock
Salaries and Wages Expense
Cash
Cash
Accounts Receivable
Software
Cash
Accounts Payable
Cash
Supplies
Accounts Payable
Cash
General Journal
Deferred Revenue
3
3
››
››
***
X
X
X
X
XX
33
X
X
X
X
››
Debit
19
>
22✔
44 X
9 x
6 x
27 X
8 X
2 X
9 x
8 X
2✔
Credit
19✔
22✔
53
6 x
27 X
8 X
2 x
9 X
8 X
2
Transcribed Image Text: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 simplify):
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
In
Expense
Income Tax Expense
Totals
Show Transcribed Text
Transactions during 2018 (summarized in thousands of dollars) follow:
1. Borrowed $19 cash on July 1, 2018, signing a six-month note payable.
2. Purchased equipment for $22 cash on July 2, 2018.
3. Issued additional shares of common stock for $6 on July 3.
4. Purchased software on July 4, $2 cash.
5. Purchased supplies on July 5 on account for future use, $8.
Debit
$ 6
2
2
9
8
5. Salaries and wages incurred but not yet paid or recorded, $3.
6. Income tax expense for 2018 was $3 and will be paid in 2019.
Here is what I did, can someone please help ? Not sure why its wrong
0
O O O OOO
0
0
0
Credit
$ 3
6. Recorded revenues on December 6 of $53, including $9 on credit and $44 received in cash.
7. Recognized salaries and wages expense on December 7 of $27; paid in cash.
8. Collected accounts receivable on December 8, $8.
3
35 O
5
0
0
0
0
0
12
4
0
0
$27 $27
9. Paid accounts payable on December 9, $9.
10. Received a $2 cash deposit on December 10 from a hospital for a contract to start January 5, 2019.
Data for adjusting journal entries on December 31:
1. Amortization for 2018, $3.
2. Supplies of $2 were counted on December 31, 2018.
3. Depreciation for 2018, $3.
4. Accrued interest of $1 on notes payable.
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