Myaccountinglab With Pearson Etext -- Access Card -- For Horngren's Accounting, The Managerial Chapters
12th Edition
ISBN: 9780134490663
Author: MILLER-NOBLES, Tracie L., Mattison, Brenda L., Matsumura, Ella Mae
Publisher: PEARSON
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Textbook Question
Chapter 1, Problem E1.29E
Using the
Ashley Stamper opened a medical practice During July, the first month of operation, the business, titled Ashley Stamper, MD, experienced the following events:
Learning Objective 4
Jul. 6 | Stamper contributed $68,000 in the business by opening a bank account in the name of A. Stamper, MD. The business gave capital to Stamper. |
9 | Paid $56,000 cash for land. |
12 | Purchased medical supplies for $1,500 on account. |
15 | Officially opened for business. |
20 | Paid cash expenses: employees' salaries, $1,300; office rent, $1,500; utilities, $100. |
31 | Earned service revenue for the month, $13,000, receiving cash. |
31 | Paid $1,050 on account. |
Analyze the effects of these events on the accounting equation of the medical practice of Ashley Stamper, MD, using the following format:
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construct the Journal Entry of the transaction:
Date/#
Account Title
Debit
Credit
Oct-01
Garcia invested P30,000 cash to start his business.
2
Purchased medical Supplies on account, P10,000
2
Paid monthly office rent of P4,000.
3
Recorded P5,000 revenue for service rendered to patients: received cash of P2,000 and sent bills to patients for the remainder.
15
Borrowed P50,000 from the bank, signing a note payable
22
Performed service for patients on account, P3,600
30
Received cash from patients billed on September 3, P2,000
31
Received and paid a utility bill, P200
31
Paid monthly salary to nurses, P3,000
31
Paid interest expense of P200
Assume that you are going to start a Business after graduation. Describe 10 transactions that the business might undertake by using your own idea with the following assumptions:
Started business with cash
Goods purchase for cash
Goods purchased on credit
Any asset purchased and paid cash
Any asset purchase on credit
Sold goods for cash
Sold goods on credit
Paid any bill
Paid salary to staff
Cash withdraw from business for personal use Based on your own 10 transactions, prepare:
1. Journal
(Learning Objective 3: Analyze the impact of business transactions on accounts) IrisBaer, MD, opened a medical practice. The business completed the following transactions:July 1236Baer invested $26,000 cash to start her medical practice. Thebusiness issued common stock to Baer.Purchased medical supplies on account totaling $8,500.Paid monthly oce rent of $5,500.Recorded $8,500 revenue (in cash) for service rendered to patients.After these transactions, how much cash does the business have to work with? Use a T-accountto show your answer.
Chapter 1 Solutions
Myaccountinglab With Pearson Etext -- Access Card -- For Horngren's Accounting, The Managerial Chapters
Ch. 1 - Prob. 1QCCh. 1 - Which of the following is not an external user of...Ch. 1 - Prob. 3QCCh. 1 - Prob. 4QCCh. 1 - Prob. 5QCCh. 1 - Which of the following requires accounting...Ch. 1 - At the end of a recent year, Global Cleaning...Ch. 1 - Consider the overall effects on Global Cleaning...Ch. 1 - Assume that Global Cleaning Service performed...Ch. 1 - The balance sheet reports the Learning Objective 5...
Ch. 1 - Assume Global Cleaning Service had net income of...Ch. 1 - What is accounting?Ch. 1 - Prob. 2RQCh. 1 - Prob. 3RQCh. 1 - Prob. 4RQCh. 1 - Prob. 5RQCh. 1 - Prob. 6RQCh. 1 - Prob. 7RQCh. 1 - A business purchases an acre of land for $5,000....Ch. 1 - What does the going concern assumption mean for a...Ch. 1 - Which concept states that accounting information...Ch. 1 - Financial statements in the United States are...Ch. 1 - Prob. 12RQCh. 1 - What is the accounting equation? Briefly explain...Ch. 1 - What are two ways that equity increases? What are...Ch. 1 - How is net income calculated? Define revenues and...Ch. 1 - What are the steps used when analyzing a business...Ch. 1 - List the four financial statements. Briefly...Ch. 1 - What is the calculation for ROA? Explain what ROA...Ch. 1 - Prob. S1.1SECh. 1 - Determining organizations that govern accounting...Ch. 1 - Identifying types of business organizations...Ch. 1 - Prob. S1.4SECh. 1 - Applying accounting assumptions and principles...Ch. 1 - Prob. S1.6SECh. 1 - Using the accounting equation Learning Objective 3...Ch. 1 - Identifying accounts Learning Objective 3 Consider...Ch. 1 - Prob. S1.9SECh. 1 - Using the accounting equation to analyze...Ch. 1 - Identifying accounts on the financial statements...Ch. 1 - Preparing the income statement Learning Objective...Ch. 1 - Preparing the statement of owner’s equity Learning...Ch. 1 - Prob. S1.14SECh. 1 - Preparing the statement of cash flows Learning...Ch. 1 - Calculating ROA Learning Objective 6 Matured Water...Ch. 1 - Prob. E1.17ECh. 1 - Prob. E1.18ECh. 1 - 1. Accounting equation a. An economic resource...Ch. 1 - Using the accounting equation Learning Objective 3...Ch. 1 - E1-21 Using the accounting equation Learning...Ch. 1 - Using the accounting equation Learning Objective 3...Ch. 1 - Using the accounting equation Learning Objective 3...Ch. 1 - E1-24 Using the accounting equation Learning...Ch. 1 - Using the accounting equation to analyze...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Using the accounting equation to analyze business...Ch. 1 - Preparing the financial statements Learning...Ch. 1 - Preparing the income statement Learning Objective...Ch. 1 - Prob. E1.32ECh. 1 - Prob. E1.33ECh. 1 - Prob. E1.34ECh. 1 - Preparing the statement of owner’s equity Learning...Ch. 1 - Prob. E1.36ECh. 1 - Prob. E1.37ECh. 1 - Jan. 1 The owner contributed an additional $5,000...Ch. 1 - Calculating Return on Assets Learning Objective 6...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Prob. P1.41APGACh. 1 - P1-42A Preparing financial statements Learning...Ch. 1 - Preparing financial statements Learning Objective...Ch. 1 - Prob. P1.44APGACh. 1 - Using the accounting equation for transaction...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Preparing financial statements Presented here are...Ch. 1 - Prob. P1.50BPGBCh. 1 - Prob. P1.51BPGBCh. 1 - Using the accounting equation for transaction...Ch. 1 - Using the accounting equation for transaction...Ch. 1 - Prob. P1.54CTCh. 1 - P1-55 is the first problem in a continuing problem...Ch. 1 - Prob. 1.1TIATCCh. 1 - Decision Case 1-1 Let’s examine a case using...Ch. 1 - The tobacco companies have paid billions because...Ch. 1 - Prob. 1.1FCCh. 1 - Prob. 1.1FSC
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