This Tutorial contains Excel Files which can be used to solve for any values (your Question may have different company name or values, but that can be solved using Excel file)\t\u00a0\t\u00a0\tE2-17A\t\u00a0Dr Anna Grayson opened a medical practice specializing in physical therapy. During the first month of operation (May), the business, titled. Anna Grayson, Professional Corporation (P.C.), experienced the following events:\t1. \ufffd\u00a0\u00a0\u00a0 Record the transactions in the journal of\tDr. Anna Grayson, P.C. List the transactions by date and give an explanation for each transaction\t\u00a0\t6 \ufffd\u00a0\u00a0\u00a0\u00a0 Grayson invested $138,000 in the business, which in turn issued its common stock to her.\t\u00a0\t9 \ufffd\u00a0\u00a0\u00a0\u00a0 The business paid cash for land costing $63,000.\tGrayson plans to build an office building on the land.\t12 \ufffd\u00a0\u00a0 The business purchased medical supplies for $1,500 on account.\t15 \ufffd\u00a0\u00a0 Dr. Anna\u00a0\tP.C., officially opened for business.\t\u00a0\t15-31\tDuring the rest of the month,\tGrayson\ttreated patients and earned service revenue of\t$9,400,\treceiving cash for half the revenue earned.\t15-31\tThe business paid cash expenses: employee salaries,\t$2,800;\toffice rent,\t$ 900$900;\tutilities,\t$ 900$900.\t31 \ufffd\u00a0\u00a0 The business sold supplies to another physician for cost of\t$400.\t31 \ufffd\u00a0\u00a0 The business borrowed\t30,000,\tsigning a note payable to the bank.\t31 \ufffd\u00a0\u00a0 The business paid\t$600\ton account.\t\u00a0\t\u00a0\t\u00a0\t\u00a0\tE3-22A\tClark Truck Rentals Company faced the following situations.\t\u00a0\t\u00a0\ta. \ufffd\u00a0\u00a0\u00a0 The business has interest expense of $ 3,000\tthat it must pay early in January 2015\tb. \ufffd\u00a0\u00a0\u00a0 Interest revenue of $4,500 has been earned but not yet received.\t\u00a0\tc. \ufffd\u00a0\u00a0\u00a0 On July 1, 2014, when the business collected $13,900 rent in advance, it debited Cash and credited Unearned Rent Revenue. The tenant was paying for two years’ rent.\t\u00a0\td. \ufffd\u00a0\u00a0\u00a0 Salary expense is $5,500 per daylong dash”\ufffdMonday through Friday dash”\ufffdand\tthe business pays employees each Friday. For the purpose of this calculation, assume\tDecember 31 falls on a Thursday.\te. \ufffd\u00a0\u00a0\u00a0 The unadjusted balance of the Supplies account is $3,000.\tThe total cost of supplies on hand is $ 1,500.\tf. \ufffd\u00a0\u00a0\u00a0\u00a0 Equipment was purchased at the beginning of this year at a cost of $120,000.\tThe equipment’s useful life is five years. There is no residual value. Record depreciation for this year and then determine the equipment’s book value.\t\u00a0\t\u00a0\t\u00a0\tJournalize the adjusting entry needed at December\t31, 2014, for each situation. Consider each fact separately\t\u00a0\t\u00a0\t\u00a0\t\u00a0\t\u00a0\tE3-23A\tThe adjusted trial balance of\tHomemade HamsHomemade Hams,\tInc., follows.\t\u00a0\t\u00a0\t \ufffd \ufffd\u00a0 Homemade Hams, Inc.\t \ufffd \ufffd\u00a0 Adjusted Trial Balance\t \ufffd \ufffd\u00a0 31-Dec-14\tAccount \ufffd\u00a0\u00a0\u00a0\u00a0 (Amounts in thousands)\t \ufffd \ufffd\u00a0\t \ufffd \ufffd\u00a0\tCash\u00a0\u00a0\u00a0 Debit\tcash\u00a0\u00a0\u00a0\u00a0 4400\tAccounts receivable\u00a0\u00a0\u00a0 1,800\tInventories \ufffd 2,400\tPrepaid expenses \ufffd\u00a0\u00a0\u00a0 1,900\tProperty, plant, and equipment \ufffd \ufffd 16,700\tAccumulated depreciation, property, plant, and equipment\tOther assets\u00a0\u00a0\u00a0\u00a0 9,700\tAccounts payable \ufffd\u00a0\u00a0\tIncome tax payable\u00a0\u00a0\u00a0\u00a0\tOther liabilities \ufffd \ufffd\u00a0\tCommon stock \ufffd \ufffd\u00a0\tRetained earnings (beginning, December 31, 2013)\tDividends \ufffd\u00a0 1,700\tSales revenue\u00a0\tCost of goods sold \ufffd 25,600\tSelling, administrative, and general expense\u00a0 10,400\tIncome tax expense\u00a0\u00a0\u00a0 2,000<\/p>\n","protected":false},"excerpt":{"rendered":"
This Tutorial contains Excel Files which can be used to solve for any values (your Question may have different company name or values, but that can be solved using Excel file) \u00a0 \u00a0 E2-17A \u00a0Dr Anna Grayson opened a medical Read More …<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-201052","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/201052","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/comments?post=201052"}],"version-history":[{"count":0,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/posts\/201052\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/media?parent=201052"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/categories?post=201052"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.benedictsol.com\/blogs\/wp-json\/wp\/v2\/tags?post=201052"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}