Sandy Lyle, MD, opened a medical practice. The business completed the following transactions: After these transactions, how
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After these transactions, how much cash does the business have to work with? Use a T-account to show your answer.
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June 1 Lyle invested $25,000 cash to start her medical practice. The business issued common stock to Lyle 1 Purchased medical supplies on account totaling $9,000. 2 Paid monthly office rent of $4,000. 3 Recorded $8,000 revenue for service rendered to patients, received cash of $2,000, and sent bills to patients for the remainder.
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Related Book For
Financial Accounting
ISBN: 978-0135012840
7th edition
Authors: Walter T. Harrison, Charles T. Horngren
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