SATA TECHNOLOGY & BUSINESS COLLEGELLInstructionsI.Open a ledger of standard four-column accounts for Dr. Schmidt as. of April 1. Enter the balancesin the appropriate balance columns and place a check mark. (V) in the Posting Refer:ncecolumn. (Hint: Verify the equality of th debit and credit balances in the ledger before.proceeding with the next instruction.).II.Journalize each transaction in a two-column journal.III.Post the journal to the ledger, extending the month-end balances to the appropriate balancecolumns after each posting.IV.Prepare an unadjusted trial balance as of April 30.2. Poorten Company's bank statement for May 2012 shows the following data.Balance 5/1 $12,650Balance 5/31 $14,280 ·Debit memorandum: -Credit memorandum: -NSF check $175Collection of note receivable $505he cash balance per books at May 31 is $13,319. Your review of the data reveals the following.a. The NSF check was from Copple Co., a customer.b. The note collected by the bank was a $500, 3-month, 12% notes. The bank charged a $10 collectionfee. No interest has been accrued.. Outstanding checks at May 31 total $2,410.1. Deposits in transit at May 31 total $1,752.2. A Poorten:Company check for $352, dated May 10, cleared the bank on May 25. The companyrecorded this check, which was a payment on account, for $325.|nstructionsI.Prepare bank reconciliation at May 31.IJ.Journalize the entries required by the reconciliation.. Cecil Jameson, Morgan dry cleaners, is a proprietorship owned and operated by Cecil Jameson. OnCoJanuary 1, 2018, Cecil Jameson, Morgan dry cleaners, has the following assets and liabilities: cash,$1,000; accounts receivable, $3,200; supplies, $850; land, $10,000; accounts payable, $1,530. Officehenarinciple Of Accounting I SATA TECHNOLOGY & BUSINESS COLLEGEPart three: - workout problems.1. Judy. K. Schmidt, M.D., has been practicing as a cardiologist for three years. During April 2018, shecompleted the following transactions in her practice of cardiology:Apr. 1. Paid office rent for April, $800.-Prepaid rent3. Purchased equipment on account, $2,100. -service eguipmentCon - 3,15o8. Purchased X-ray film and other supplies on account, $245. suppwes-a459. One of the items of equipment purchased on April 3 was defective. It was returned with thepermission of the supplier, who agreed to reduce the account for the amount charged for theitem, $325. enna egupment12. Paid cash to creditors on account, $1,250. Miscellangonexperte.Apr. 17. Paid cash for renewal of a six-month property insurance poliey $376 prepaid unsurencem20. Discovered that the balances of the cash account and the accounts payable account as of AprilĮ were overstated by $200. A payment of that amount to a creditor in March had not beenrecorded: Journalize the $200 payment as of April 20.24. Paid cash for laboratory analysis, $545. M cenaneoos27. Paid cash from business bank account for personal and family expenses, $1,250.30. recorded the cash received in payment of services (on a cash basis) to patients during April,$1,720.30. Paid salaries of receptionist and nurses, $1,725. salary expente30. Paid various utility expenses, $360. Misceicaneour30. Recorded fees charged to patients on account for services performed in April, $5,145.30. Paid miscellaneous expenses, $132.Schmidt, account titles, numbers, and balances as of April 1 (all normal balances) are listed as follows:Cash;1-1, $4,123; Accounts Receivable, 12, $6,725; Supplies, 13, $290;Prepaid Insurance, 14, $465; Equipment, 18, $19,745; Accounts Payable, 22, $765; Judy. K. Schmidt,Capital, 31, $30,583; Judy. K. Schmidt, Drawing, 32; Professional Fees, 41; Salary Expense, 51; RentExpense, 53; Laboratory Expense, 55; Utilities Expense, 56; Miscellaneous Experse, 59.Principle Of Accounting IInstr

Hi student Since there are multiple questions, we will answer only first question.

. Poorten Company's bank statement for May 2012 shows the following data. Balance 5/1 $12,650 Balance 5/31 $14,280· Debit memorandum: - Credit memorandum: - NSF check $175 Collection of note receivable $505 he cash balance per books at May 31 is $13,319. Your review of the data reveals the following. a. The NSF check was from Copple Co., a customer. b. The note collected by the bank was a $500, 3-month, 12% notes. The bank charged a $10 collection fee. No interest has been accrued. . Outstanding checks at May 31 total $2,410. 1. Deposits in transit at May 31 total $1,752. 2. A Poorten Company check for $352, dated May 10, cleared the bank on May 25. The company recorded this check, which was a payment on account, for $325. nstructions I. Prepare bank reconciliation at May 31. II. Journalize the entries required by the reconciliation.

. Poorten Company's bank statement for May 2012 shows the following data. Balance 5/1 $12,650 Balance 5/31 $14,280· Debit memorandum: - Credit memorandum: - NSF check $175 Collection of note receivable $505 he cash balance per books at May 31 is $13,319. Your review of the data reveals the following. a. The NSF check was from Copple Co., a customer. b. The note collected by the bank was a $500, 3-month, 12% notes. The bank charged a $10 collection fee. No interest has been accrued. . Outstanding checks at May 31 total $2,410. 1. Deposits in transit at May 31 total $1,752. 2. A Poorten Company check for $352, dated May 10, cleared the bank on May 25. The company recorded this check, which was a payment on account, for $325. nstructions I. Prepare bank reconciliation at May 31. II. Journalize the entries required by the reconciliation.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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