1. Prepare the journal entries to the following transactions
2. Post the transactions to T accounts
3. Prepare the Income Statement
4. Prepare the Balance Sheet

Dr. Sting opens his own medical practice. He starts by putting $25,000 of his own money into the bank account for Sting Medical Practice on 9/1/2017.

He has the following transactions for September.

1. Dr. Sting sees several patients, and in total they pay $5,000 combined.

2. Dr. Sting sees a patient, and he bills BCBS $2,000.

3. Dr. Sting buys a computer for $3,600, with a 3-year useful life, with cash.

4. Dr. Sting buys office supplies from Staples on credit for $200.

5. Dr. Sting pays his October rent of $1,000 on 9/28/2017.

6. Dr. Sting decides to buy 10 braces for $100 each ($1,000); he pays cash. He sells them for $250.

7. At the end of the month, Dr. Sting has 6 braces left.

Answer rating: 100% (QA)

ANSWER Journal Entries Date Acc Titles Debit Credit 912017 Cash 25000 Capital contributed 25000 Capi... View the full answer