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(Click the icon to view the events.) Requirements Dr. Ohara has the following questions about his practice after the first month of operations . What are the total assets of the practice? S Requirements Events Dr. Favata has the following questions about his practice after the first month of operations Provide him with the answers a. What are the total assets of the practice? 6 Favata invested $36.000 in the business, which in turn issued its common shares to him May b. How much is owing to the practice from patients? c. How much does the practice owe in total? d. How much of the practice's assets does Dr. Favata have a claim to? e. How much net income did the practice eam? 9 The business paid cash for land costing $33.000. Favata plans to build a professional services building on the land 12 The business purchased dental supplies for $1,500 on account. 15 John Favata Dental Clinic Ltd officially opened for business 15-31 During the rest of the month, Favata treated patients and eamed service revenue of $7.800, receiving cash for half the revenue earned 15-31 The practice paid cash expenses: employee salaries. S800: office rent. S800: utises. $1.40 31 The practice used dental supplies with a cost of $800. 31 The practice borrowed $18.000, signing a note payable to the bank 31 The practice paid $1,200 on account to a supplier. Print Done Print Done

(Click the icon to view the events.) Requirements Dr. Ohara has the following questions about his practice after the first month of operations . What are the total assets of the practice? S Requirements Events Dr. Favata has the following questions about his practice after the first month of operations Provide him with the answers a. What are the total assets of the practice? 6 Favata invested $36.000 in the business, which in turn issued its common shares to him May b. How much is owing to the practice from patients? c. How much does the practice owe in total? d. How much of the practice's assets does Dr. Favata have a claim to? e. How much net income did the practice eam? 9 The business paid cash for land costing $33.000. Favata plans to build a professional services building on the land 12 The business purchased dental supplies for $1,500 on account. 15 John Favata Dental Clinic Ltd officially opened for business 15-31 During the rest of the month, Favata treated patients and eamed service revenue of $7.800, receiving cash for half the revenue earned 15-31 The practice paid cash expenses: employee salaries. S800: office rent. S800: utises. $1.40 31 The practice used dental supplies with a cost of $800. 31 The practice borrowed $18.000, signing a note payable to the bank 31 The practice paid $1,200 on account to a supplier. Print Done Print Done

FINANCIAL ACCOUNTING
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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Record the transactions in the journal of Joseph Ohara Dental Clinic Ltd. List the transactions by date, and give an explanation for each transaction.

b Answered: ring questions about x i Accounts Receivable (AR) Definiti x G common shares are under owner X + i bartleby.com/questions-and-answers/ring-questions-about-his-practice-after-the-first-month-of-operations-sets-of-the-practice-so-requir/26a48f43-9719-4b82-bd6f-c119ee5641ef Error : Homework help starts here! & ASK 5 CHAT Vx MATH SOLVER John Favata opens a dental practice. During the first month of operation (May), the practice, titled John Favata Dental Clinic Ltd., experienced the following events. E (Click the icon to view the events.) Requirements Dr. Ohara has the following questions about his practice after the first month of operations. a. What are the total assets of the practice? sO - X Requirements Events Dr. Favata has the following questions about his practice after the first month of operations. Provide him with the answers. a. What are the total assets of the practice? b. How much is owing to the practice from patients? c. How much does the practice owe in total? d. How much of the practice's assets does Dr. Favata have a claim to? e. How much net income did the practice earn? 6 Favata invested $36,000 in the business, which in turn issued its common shares to him. May 9 The business paid cash for land costing $33.000. Favata plans to build a professional services building on the land. 12 The business purchased dental supplies for $1,500 on account. 15 John Favata Dental Clinic Ltd. officially opened for business. 15-31 During the rest of the month, Favata treated patients and earned service revenue of $7,800, receiving cash for half the revenue earned. 15-31 The practice paid cash expenses: employee salaries, $800; office rent, S800; utilities. $1,400. 31 The practice used dental supplies with a cost of $800. 31 The practice borrowed $18,000, signing a note payable to the bank. 31 The practice paid $1,200 on account to a supplier. Print Done Print Done 31 The practice used dental supples with a cost of $800. 31 The practice borrowed S18.000, signing a note payable to the bank. 31 The practice paid $1,200 on account to a supplier. Print Done 3:15 PM O Type here to search 日 ! -7°C ENG 2022-02-03 A A
Transcribed Image Text:b Answered: ring questions about x i Accounts Receivable (AR) Definiti x G common shares are under owner X + i bartleby.com/questions-and-answers/ring-questions-about-his-practice-after-the-first-month-of-operations-sets-of-the-practice-so-requir/26a48f43-9719-4b82-bd6f-c119ee5641ef Error : Homework help starts here! & ASK 5 CHAT Vx MATH SOLVER John Favata opens a dental practice. During the first month of operation (May), the practice, titled John Favata Dental Clinic Ltd., experienced the following events. E (Click the icon to view the events.) Requirements Dr. Ohara has the following questions about his practice after the first month of operations. a. What are the total assets of the practice? sO - X Requirements Events Dr. Favata has the following questions about his practice after the first month of operations. Provide him with the answers. a. What are the total assets of the practice? b. How much is owing to the practice from patients? c. How much does the practice owe in total? d. How much of the practice's assets does Dr. Favata have a claim to? e. How much net income did the practice earn? 6 Favata invested $36,000 in the business, which in turn issued its common shares to him. May 9 The business paid cash for land costing $33.000. Favata plans to build a professional services building on the land. 12 The business purchased dental supplies for $1,500 on account. 15 John Favata Dental Clinic Ltd. officially opened for business. 15-31 During the rest of the month, Favata treated patients and earned service revenue of $7,800, receiving cash for half the revenue earned. 15-31 The practice paid cash expenses: employee salaries, $800; office rent, S800; utilities. $1,400. 31 The practice used dental supplies with a cost of $800. 31 The practice borrowed $18,000, signing a note payable to the bank. 31 The practice paid $1,200 on account to a supplier. Print Done Print Done 31 The practice used dental supples with a cost of $800. 31 The practice borrowed S18.000, signing a note payable to the bank. 31 The practice paid $1,200 on account to a supplier. Print Done 3:15 PM O Type here to search 日 ! -7°C ENG 2022-02-03 A A
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