Financial Accounting Journalizing Transactions Homework Help
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1. Izabela Ivanhoe opened a medical office under the name Izabela Ivanhoe, MD, on August 1, 2017. On August 31, the balance sheet showed Cash $3,000; Accounts Receivable $1,500; Supplies $600; Equipment $7,500; Accounts Payable $5,500; Note Payable $3,000; and I. Ivanhoe, Capital, $4,100. During September, the following transactions occurred:
Sept. 4 Collected $850 of accounts receivable.
5 Provided services of $10,500, of which $7,700 was collected from patients and the remainder was on account.
7 Paid $2,000 on accounts payable.
12 Purchased additional equipment for $2,300, paying $800 cash and leaving the balance on account.
15 Paid salaries, $4,000; rent for August, $1,900; and advertising expenses, $275.
18 Collected the balance of the accounts receivable from August 31.
20 Withdrew $750 for personal use.
26 Borrowed $2,600 from the Bank of Montreal on a note payable.
28 Signed a contract to provide medical services, not covered under the government health plan, to employees of CRS Corp. in October for $5,100. CRS Corp. will pay the amount owing after the medical services have been provided.
29 Received the telephone bill for September, $285.
30 Billed the government $10,600 for services provided to patients in September.
Required:Journalize the transactions
2.Complete the materials issuances and balances for the materials subsidiary ledger under FIFO.
B. Determine the materials inventory balance at the end of May.
3. Abaco Enterprises had beginning inventory of $15,000 at March 1, 2006. During the month, the company made purchases of $120,000. The inventory at the end of the month is $17,000. What is cost of goods available for sale for the month of March?
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4.A company just starting business purchased three merchandise inventory items at the following prices: first purchase $880; second purchase $840; third purchase $810. If two items were sold during the period and the company used the LIFO costing method, the gross profit for the period would be how much greater or less than if the FIFO costing method had been used?
5.Surepar Miniature Golf and Driving Range was opened on March 1 by Bill Affleck. The following selected events and transactions occurred during March:
Mar. 1 Invested $60,000 cash in the business in exchange for common stock.
Mar 3 Purchased Lee’s Golf Land for $38,000 cash. The price consists of land $23,000, building $9,000, and equipment $6,000. (Make one compound entry.)
Mar 5 Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,600.
Mar 6 Paid cash $1,480 for a one-year insurance policy.
Mar 10 Purchased golf clubs and other equipment for $2,600 from Parton Company payable in 30 days.
Mar 18 Received $800 in cash for golf fees earned.
Mar 19 Sold 100 coupon books for $15 each. Each book contains 10 coupons that enable the holder to play one round of miniature golf or to hit one bucket of golf balls.
Mar 25 Declared and paid $1,000 cash dividend.
Mar 30 Paid salaries of $600.
Mar 30 Paid Parton Company in full.
Mar 31 Received $500 cash for fees earned.
Bill Affleck uses the following accounts: Cash; Prepaid Insurance; Land; Buildings; Equipment; Accounts Payable; Unearned Revenue; Common Stock; Dividends; Golf Revenue; Advertising Expense; and Salaries Expense.
Journalize the March transactions.
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