Refer to Exercises 2-20A and 2-21A.

Requirements

1. After journalizing the transactions of Exercise 2-20A, post the entries to the ledger, using T-accounts. Key transactions by date. Determine the ending balance in each account.

2. Prepare the trial balance of Dr. Helen Samoa, P.C., at December 31, 2018.

3. From the trial balance, determine total assets, total liabilities, and total stockholders’ equity on December 31.

Exercise 2-20A & Exercise 2-21A.

Dr. Helen Samoa opened a medical practice specializing in physical therapy. During the first month of operation (December), the business, titled Dr. Helen Samoa, Professional Corporation (P.C.), experienced the following events:

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Dec 6 Samoa invested $150,000 in the business, which in turn issued its common stock to her. The business paid cash for land costing $64,000. Samoa plans to build an office building on the land. 12 The business purchased medical supplies for $2,400 on account. 15 Dr. Helen Samoa, P.C., officially opened for business. During the rest of the month, Samoa treated patients and earned service revenue of $9,800, receiving cash for half the revenue earned. The business paid cash expenses: employee salaries, $3,600; office rent, $900; utilities, $400. The business sold medical supplies to another physician for cost of $1,000 and received cash. 15-31 15-31 31 The business borrowed $34,000, signing a note payable to the bank. The business paid $1,300 on account. 31 31