Assignment \# 1 Due Date: May 18th (Covers Chapter 1-4 Content) Question 1: Sam \& Suzie MacNeil began operations for their eye clinic, called MacNeil's Eye Clinic on January 2019. The annual reporting periods ends December 31. An unadjusted trial balance was created on January 1 , 2020 with amounts rounded to nearest thousand dollars. The unadjusted trial balance on January 1 , 2020 was as follows: Transactions during 2020 (rounded to nearest thousand dollars) are as follows: a. Borrowed $22 cash on July 1,2020 , signing a six-month note payable. b. Purchased equipment for $25 cash on July 1,2020 c. Issued additional shares for $5 d. Earned revenues for 2020,$55, including $8 on credit and $47 received in cash. e. Recognized operating expenses for 2020,$30, including $5 on credit and $25 in cash. f. Purchased other assets, $3 cash g. Collected accounts receivable $9 h. Paid accounts payable $10 i. Purchased supplies on account for future use $7 j. Received a $3 deposit from a hospital for a contract to start January 5, 2021 Assignment \# 1 Due Date: May 18th (Covers Chapter 1-4 Content) Question 1: Sam \& Suzie MacNeil began operations for their eye clinic, called MacNeil's Eye Clinic on January 2019. The annual reporting periods ends December 31. An unadjusted trial balance was created on January 1 , 2020 with amounts rounded to nearest thousand dollars. The unadjusted trial balance on January 1 , 2020 was as follows: Transactions during 2020 (rounded to nearest thousand dollars) are as follows: a. Borrowed $22 cash on July 1,2020 , signing a six-month note payable. b. Purchased equipment for $25 cash on July 1,2020 c. Issued additional shares for $5 d. Earned revenues for 2020,$55, including $8 on credit and $47 received in cash. e. Recognized operating expenses for 2020,$30, including $5 on credit and $25 in cash. f. Purchased other assets, $3 cash g. Collected accounts receivable $9 h. Paid accounts payable $10 i. Purchased supplies on account for future use $7 j. Received a $3 deposit from a hospital for a contract to start January 5, 2021