Jul. 6 Jul. 9 Jul. 12 Jul. 15 Jul. 20 Jul. 31 Jul. 31 Stanley contributed $50,000 in the business by opening a bank account in the name of P. Stanley, MD. The business gave capital to to Stanley. Paid $42,000 cash for land. Purchased medical supplies for $1,700 on account. Officially opened for business. Paid cash expenses: employees' salaries, $800; office rent, $700; utilities, $550. Earned service revenue for the month, $7,000, receiving cash. Paid $950 on account.
Jul. 6 Jul. 9 Jul. 12 Jul. 15 Jul. 20 Jul. 31 Jul. 31 Stanley contributed $50,000 in the business by opening a bank account in the name of P. Stanley, MD. The business gave capital to to Stanley. Paid $42,000 cash for land. Purchased medical supplies for $1,700 on account. Officially opened for business. Paid cash expenses: employees' salaries, $800; office rent, $700; utilities, $550. Earned service revenue for the month, $7,000, receiving cash. Paid $950 on account.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![K
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Jul. 6
Paige Stanley opened a medical practice. During July, the first month of operation, the business, titled Paige Stanley,
M.D., experienced the following events:
i (Click the icon to view the transactions.)
Analyze the effects of these events on the accounting equation of the medical practice of Paige Stanley, M.D.
Jul. 9
Jul. 12
Jul. 15
Jul. 20
Jul. 31
Jul. 31
Stanley contributed $50,000 in the business by opening a bank account in the name
of P. Stanley, MD. The business gave capital to to Stanley.
Paid $42,000 cash for land.
Purchased medical supplies for $1,700 on account.
Officially opened for business.
Paid cash expenses: employees' salaries, $800; office rent, $700; utilities, $550.
Earned service revenue for the month, $7,000, receiving cash.
Paid $950 on account.
7/6
Etext pages
Print
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; Cap. = Stanley, Capital; Exp. = Expense; Liab. = Liabilities; Med. =
Medical; Rev. = Revenue; Sal. = Salaries; Sup. = Supplies; Withdr. = Stanley, Withdrawals.)
ASSETS
Cash + Med. Land
Sup.
+
Get more help.
+
=
Done
=
LIAB. +
A/P
- X
+ Cap.
+
EQUITY
- Withdr.+ Service -
Rev.
Clear all
Sal.
Exp.
Rent - Utilities
Exp.
Exp.
Check answer](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F1dec3734-f683-4c2d-b98e-1751218215eb%2F3d2a9d2a-d940-489d-ba8f-d85f85cb34a9%2Fe2sswsp_processed.jpeg&w=3840&q=75)
Transcribed Image Text:K
More info
Jul. 6
Paige Stanley opened a medical practice. During July, the first month of operation, the business, titled Paige Stanley,
M.D., experienced the following events:
i (Click the icon to view the transactions.)
Analyze the effects of these events on the accounting equation of the medical practice of Paige Stanley, M.D.
Jul. 9
Jul. 12
Jul. 15
Jul. 20
Jul. 31
Jul. 31
Stanley contributed $50,000 in the business by opening a bank account in the name
of P. Stanley, MD. The business gave capital to to Stanley.
Paid $42,000 cash for land.
Purchased medical supplies for $1,700 on account.
Officially opened for business.
Paid cash expenses: employees' salaries, $800; office rent, $700; utilities, $550.
Earned service revenue for the month, $7,000, receiving cash.
Paid $950 on account.
7/6
Etext pages
Print
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; Cap. = Stanley, Capital; Exp. = Expense; Liab. = Liabilities; Med. =
Medical; Rev. = Revenue; Sal. = Salaries; Sup. = Supplies; Withdr. = Stanley, Withdrawals.)
ASSETS
Cash + Med. Land
Sup.
+
Get more help.
+
=
Done
=
LIAB. +
A/P
- X
+ Cap.
+
EQUITY
- Withdr.+ Service -
Rev.
Clear all
Sal.
Exp.
Rent - Utilities
Exp.
Exp.
Check answer
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