es Points: U of Caren Sansone opened a medical practice. During July, the first month of operation, the business, titled Caren Sansone, MD, experienced the following events: (Click the icon to view the transactions.) Analyze the effects of these events on the accounting equation of the medical practice of Caren Sansone, MD. Analyze the events chronologically, one transaction at a time, beginning with the transaction on the 6th. For each transaction that follows the transaction on the 6th, calculate the balance in each account after analyzing its effect on the accounting equation. (Complete only the necessary answer boxes for your transaction lines. [Do not enter any zeros for your transaction lines.] For transactions with the same date, be sure to enter each transaction on a separate line in the order presented in the problem. Carry down all balances to the "Bal." line, including zero balance accounts, entering a "0" for any zero balances. Enter a decrease in an account with a minus sign or parentheses. Abbreviations used: A/P = Accounts Payable; Com. Common; Contr. = Contributed; Div. Dividends; Exp. = Expense; Liab. Liabilities; Med. Medical; Rev. Revenue; Sal. = Salaries; Sup. = Supplies.) = Assets Liab. = Equity Contr. Capital + Retained Earnings Cash + Med. + Land A/P + Com. Div. + Service Sal. - Sup. Stock Rev. Exp. + + 7/6 + Rent Exp. - Utilities Exp. More info Jul. 6 Received a contribution of $65,000 from Sansone and opened a bank account in the name of C. Sansone, MD. The corporation issued common stock to Sansone. Jul. 9 Paid $35,000 cash for land. Get more help Jul. 12 Purchased medical supplies for $1,900 on account. Jul. 15 Officially opened for business. Jul. 20 Paid cash expenses: employees' salaries, $1,800; office rent, $1,200; utilities, $550. Jul. 31 Earned service revenue for the month, $14,000, receiving cash. Jul. 31 Paid $1,100 on account.
es Points: U of Caren Sansone opened a medical practice. During July, the first month of operation, the business, titled Caren Sansone, MD, experienced the following events: (Click the icon to view the transactions.) Analyze the effects of these events on the accounting equation of the medical practice of Caren Sansone, MD. Analyze the events chronologically, one transaction at a time, beginning with the transaction on the 6th. For each transaction that follows the transaction on the 6th, calculate the balance in each account after analyzing its effect on the accounting equation. (Complete only the necessary answer boxes for your transaction lines. [Do not enter any zeros for your transaction lines.] For transactions with the same date, be sure to enter each transaction on a separate line in the order presented in the problem. Carry down all balances to the "Bal." line, including zero balance accounts, entering a "0" for any zero balances. Enter a decrease in an account with a minus sign or parentheses. Abbreviations used: A/P = Accounts Payable; Com. Common; Contr. = Contributed; Div. Dividends; Exp. = Expense; Liab. Liabilities; Med. Medical; Rev. Revenue; Sal. = Salaries; Sup. = Supplies.) = Assets Liab. = Equity Contr. Capital + Retained Earnings Cash + Med. + Land A/P + Com. Div. + Service Sal. - Sup. Stock Rev. Exp. + + 7/6 + Rent Exp. - Utilities Exp. More info Jul. 6 Received a contribution of $65,000 from Sansone and opened a bank account in the name of C. Sansone, MD. The corporation issued common stock to Sansone. Jul. 9 Paid $35,000 cash for land. Get more help Jul. 12 Purchased medical supplies for $1,900 on account. Jul. 15 Officially opened for business. Jul. 20 Paid cash expenses: employees' salaries, $1,800; office rent, $1,200; utilities, $550. Jul. 31 Earned service revenue for the month, $14,000, receiving cash. Jul. 31 Paid $1,100 on account.
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter4: Income Measurement And Accrual Accounting
Section: Chapter Questions
Problem 4.1IP
Related questions
Question
100%
None
![es
Points: U of
Caren Sansone opened a medical practice. During July, the first month of operation, the business, titled Caren Sansone, MD, experienced the following events:
(Click the icon to view the transactions.)
Analyze the effects of these events on the accounting equation of the medical practice of Caren Sansone, MD.
Analyze the events chronologically, one transaction at a time, beginning with the transaction on the 6th. For each transaction that follows the transaction on the 6th, calculate the balance in each
account after analyzing its effect on the accounting equation. (Complete only the necessary answer boxes for your transaction lines. [Do not enter any zeros for your transaction lines.] For
transactions with the same date, be sure to enter each transaction on a separate line in the order presented in the problem. Carry down all balances to the "Bal." line, including zero
balance accounts, entering a "0" for any zero balances. Enter a decrease in an account with a minus sign or parentheses. Abbreviations used: A/P = Accounts Payable; Com. Common; Contr. =
Contributed; Div. Dividends; Exp. = Expense; Liab. Liabilities; Med. Medical; Rev. Revenue; Sal. = Salaries; Sup. = Supplies.)
=
Assets
Liab.
=
Equity
Contr.
Capital +
Retained Earnings
Cash + Med. + Land
A/P
+
Com.
Div. + Service
Sal.
-
Sup.
Stock
Rev.
Exp.
+
+
7/6
+
Rent
Exp.
-
Utilities
Exp.
More info
Jul. 6
Received a contribution of $65,000 from Sansone and opened a bank
account in the name of C. Sansone, MD. The corporation issued common
stock to Sansone.
Jul. 9
Paid $35,000 cash for land.
Get more help
Jul. 12 Purchased medical supplies for $1,900 on account.
Jul. 15 Officially opened for business.
Jul. 20 Paid cash expenses: employees' salaries, $1,800; office rent, $1,200;
utilities, $550.
Jul. 31 Earned service revenue for the month, $14,000, receiving cash.
Jul. 31 Paid $1,100 on account.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5099f73f-3ae3-46a4-a999-1192f66f73ff%2Fb464bf93-fad7-4975-9780-88c31104cd98%2Fixjcmoa_processed.jpeg&w=3840&q=75)
Transcribed Image Text:es
Points: U of
Caren Sansone opened a medical practice. During July, the first month of operation, the business, titled Caren Sansone, MD, experienced the following events:
(Click the icon to view the transactions.)
Analyze the effects of these events on the accounting equation of the medical practice of Caren Sansone, MD.
Analyze the events chronologically, one transaction at a time, beginning with the transaction on the 6th. For each transaction that follows the transaction on the 6th, calculate the balance in each
account after analyzing its effect on the accounting equation. (Complete only the necessary answer boxes for your transaction lines. [Do not enter any zeros for your transaction lines.] For
transactions with the same date, be sure to enter each transaction on a separate line in the order presented in the problem. Carry down all balances to the "Bal." line, including zero
balance accounts, entering a "0" for any zero balances. Enter a decrease in an account with a minus sign or parentheses. Abbreviations used: A/P = Accounts Payable; Com. Common; Contr. =
Contributed; Div. Dividends; Exp. = Expense; Liab. Liabilities; Med. Medical; Rev. Revenue; Sal. = Salaries; Sup. = Supplies.)
=
Assets
Liab.
=
Equity
Contr.
Capital +
Retained Earnings
Cash + Med. + Land
A/P
+
Com.
Div. + Service
Sal.
-
Sup.
Stock
Rev.
Exp.
+
+
7/6
+
Rent
Exp.
-
Utilities
Exp.
More info
Jul. 6
Received a contribution of $65,000 from Sansone and opened a bank
account in the name of C. Sansone, MD. The corporation issued common
stock to Sansone.
Jul. 9
Paid $35,000 cash for land.
Get more help
Jul. 12 Purchased medical supplies for $1,900 on account.
Jul. 15 Officially opened for business.
Jul. 20 Paid cash expenses: employees' salaries, $1,800; office rent, $1,200;
utilities, $550.
Jul. 31 Earned service revenue for the month, $14,000, receiving cash.
Jul. 31 Paid $1,100 on account.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps with 1 images
Recommended textbooks for you
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Financial Accounting: The Impact on Decision Make…
Accounting
ISBN:
9781305654174
Author:
Gary A. Porter, Curtis L. Norton
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub