Record the following selected transactions in general journal form for Quantum Clinic, Inc. Include a brief explanation

Question:

Record the following selected transactions in general journal form for Quantum Clinic, Inc. Include a brief explanation of the transaction as part of each journal entry.

Oct. 1 The clinic issued 5,000 additional shares of capital stock to Doctor Soges at $60 per share.
Oct. 4 The clinic purchased diagnostic equipment. The equipment cost $250,000, of which $100,000 was paid in cash; a note payable was issued for the balance.
Oct. 12 Issued a check for $6,000 in full payment of an account payable to Zeller Laboratories.
Oct. 19 Purchased surgical supplies for $4,000. Payment is not due until November 28.
Oct. 25 Collected a $80,000 account receivable from Health One Insurance Company.
Oct. 30 Declared and paid a $500,000 cash dividend to stockholders.

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Financial and Managerial Accounting the basis for business decisions

ISBN: 978-0078025778

17th edition

Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello

Question Posted: