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No 1 2 3 Transaction a. b. C. Cash Notes Payable (short-term) Equipment Cash General Journal Cash Accounts Receivable Service Revenue X Debit 19 22 44 X 9 Credit 19 22 53

No 1 2 3 Transaction a. b. C. Cash Notes Payable (short-term) Equipment Cash General Journal Cash Accounts Receivable Service Revenue X Debit 19 22 44 X 9 Credit 19 22 53

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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: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
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.
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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