Horngren's Financial & Managerial Accounting, The Managerial Chapters (5th Edition)
5th Edition
ISBN: 9780133851298
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Chapter 1, Problem 1.29E
Using the
Samantha Stamford opened a medical practice. During July, the first month of operation, the business, titled Samantha Stamford, M.D., experienced the following events:
| July 6 | Stamford contributed $65,000 in the business by opening a bank account in the name of S. Stamford, M.D. The corporation issued common stock to Stamford. |
| 9 | Paid $52,000 cash for land. |
| 12 | Purchased medical supplies for $1,600 on account. |
| 15 | Officially opened for business. |
| 20 | Paid cash expenses: employees’ salaries, $1,500; office rent, $1,300; utilities, $350. |
| 31 | Earned service revenue for the month, $8,000, receiving cash. |
| 31 | Paid $800 on account. |
Analyze the effects of these events on the accounting equation of the medical practice of Samantha Stamford, M.D., using the following format:
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Chapter 1 Solutions
Horngren's Financial & Managerial Accounting, The Managerial Chapters (5th Edition)
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