Question: 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

Dr. Helen Samoa opened a medical practice
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: i (Click the icon to view the events.) Requirement 1. Record the transactions in the journal of Dr. Helen Samoa, P.C. List the transactions by date and give an explanation for each transaction. (Record debits first, then credits. Select explanations on the last line of the journal entry table. If an entry is not required, select "No entry required" on the first line of the table and leave all other fields blank.) Dec 6: Samoa invested $150,000 in the business, which in turn issued its common stock to her. Journal Entry Date Accounts and Explanations Debit Credit Dec More Info Dec 6 Samoa invested $150,000 in the business, which in turn issued its common stock to her. Dec 9 The business paid cash for land costing $64,000. Samoa plans to build an office building on the land. Dec 12 The business purchased medical supplies for $2,400 on account. Dec 15 Dr. Helen Samoa, P.C., officially opened for business. Dec 15-31 During the rest of the month, Samoa treated patients and earned service revenue of $9,800, receiving cash for half the revenue earned. Help Me Solve This DemoDocs Example G Dec 15-31 The business paid cash expenses: employee salaries, $3,600; office rent, $900; utilities, $400. Dec 31 The business sold medical supplies to another physician for cost of $1,000 and received cash. Dec 31 The business borrowed $34,000, signing a note payable to the bank. Dec 31 The business paid $1,300 on account

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!