During February 2015, Claude Sample who operates a sports clinic presented the following for the first month of his company’s operation: Feb 1. Sample invested $55,000 in the business by depositing it into the company’s bank account.Feb 2. Paid $46,000 cash for land.Feb 3. Purchased medical supplies for $1,800 on account.Feb 4. Officially opened for business.Feb 5. During the month, Sample treated patients and earned service revenue of $8,000, receiving cash.Feb 6. Paid cash expenses: employees’ salaries, $1,600; office rent, $900; utilities, $100.Feb 7. Returned supplies purchased on the 3rd for the cost of those supplies, $700.Feb 8. Paid $1,100 on account for purchases made on Feb 3. 1. An invoice for consultancy service provided to Running Track Club for $25,000 was left in a desk drawer unnoticed and had been omitted completely from the books. The records showed that a cash receipt for $15,000 was issued relating to this transaction while the balance was on account. The company records its consultancy fees in service revenue account.2. Purchase of medical supplies on February 3 was for $18,000 and not $1,800 as previously incorrectly reported.3. On Feb 1 the $55,000 invested by Sample ought to have been allocated $45,000 bank account and $10,000 office equipment based on confirmation from the owner that the previous info provided was incorrectly stated.4. Drawings of $1,000 were not recorded.5. An electricity bill for $5,000 paid by cash was placed in a desk drawer and not presented with the first set of transactions. The company records its electricity charges in the utility expense account. Please help withy balance sheet.
During February 2015, Claude Sample who operates a sports clinic presented the following for the first month of his company’s operation:
Feb 1. Sample invested $55,000 in the business by depositing it into the company’s bank account.
Feb 2. Paid $46,000 cash for land.
Feb 3. Purchased medical supplies for $1,800 on account.
Feb 4. Officially opened for business.
Feb 5. During the month, Sample treated patients and earned service revenue of $8,000, receiving cash.
Feb 6. Paid cash expenses: employees’ salaries, $1,600; office rent, $900;
utilities, $100.
Feb 7. Returned supplies purchased on the 3rd for the cost of those supplies, $700.
Feb 8. Paid $1,100 on account for purchases made on Feb 3.
1. An invoice for consultancy service provided to Running Track Club for $25,000 was left in a desk drawer unnoticed and had been omitted completely from the books. The records showed that a cash receipt for $15,000 was issued relating to this transaction while the balance was on account. The company records its consultancy fees in service revenue account.
2. Purchase of medical supplies on February 3 was for $18,000 and not $1,800 as previously incorrectly reported.
3. On Feb 1 the $55,000 invested by Sample ought to have been allocated $45,000 bank account and $10,000 office equipment based on confirmation from the owner that the previous info provided was incorrectly stated.
4. Drawings of $1,000 were not recorded.
5. An electricity bill for $5,000 paid by cash was placed in a desk drawer and not presented with the first set of transactions. The company records its electricity charges in the utility expense account.
Please help withy
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