Paige Satterly opened a medical practice. During July, the first month of operation, the business, titled Paige Satterly, MD, experienced the following events: A (Click the icon to view the transactions.) Analyze the effects of these events on the accounting equation of the medical practice of Paige Satterly, 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 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, 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 parentheses. Abbreviations used: A/P = Accounts Payable; Com. Common, Contr. = Contributed, Div. = Dividends: Exp. = Expense; Liab. - Liabilities; Med = Medical; Rev. = Revenue Assets Liab. Equity Contr. Capital Retained Earnings Land Div + Service - Sal. Rent - Utilities Med A/P Com. +] Cash +] Stock Rev Exp. Exp Exp. Sup 7/6

Paige Satterly opened a medical practice. During July, the first month of operation, the business, titled Paige Satterly, MD, experienced the following events: A (Click the icon to view the transactions.) Analyze the effects of these events on the accounting equation of the medical practice of Paige Satterly, 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 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, 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 parentheses. Abbreviations used: A/P = Accounts Payable; Com. Common, Contr. = Contributed, Div. = Dividends: Exp. = Expense; Liab. - Liabilities; Med = Medical; Rev. = Revenue Assets Liab. Equity Contr. Capital Retained Earnings Land Div + Service - Sal. Rent - Utilities Med A/P Com. +] Cash +] Stock Rev Exp. Exp Exp. Sup 7/6

Name: Paige Satterly opened a medical practice. During July, the first mont
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Description: Paige Satterly opened a medical practice. During July, the first month of operation, the business, titled Paige Satterly, MD, experienced the following events:A (Click the icon to view the transactions.)Analyze the effects of these events on the acc

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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PLEASE FILL ONLY THE TABLE IN THE PICTURE Alex and Hagi decided to open a home cleaning service company, H@L .,. The following information is a partial list of transactions from H@L Inc.January 1- Alex and Hagi each donated $ 25.000 in exchange for common stock to start the business.March 3- H@L Inc., paid $ 3.000 cash for a two-year insurance policy that was effective immediately.March 15-The Company purchased $8.000 of supplies on account.April 5- The Company purchased some cleaning equipment for $10.000 cash. The equipment should last for five years with no residual value. H@L company will take a full year of depreciation in 2020.May 1-H@L Inc., purchased a year’s worth of advertising in a local newspaper for $ 1.200 cash.September 1- The Company obtained a nine-month loan for $ 15.000 at 5% from Do Not Trust Bank, with interest and principal payable on June 2021.December 31- The Company paid $ 5.000 of accounts payable owed from transaction 3.December 31- The Company earned service…
devin and merri sign the loan documents on March 23 and are required to deposit 324 into the escrow account at that time. their first payment is due may 1. the lender pays property taxes of 1,144. from their escrow account on November 22. calculate their escrow balance at the end of the calendar year.
Brian Marlow recently was hired to prepare Louise Michenor Consulting’s year-end financial statements. Brain just entered his CPA certificate, and Louise Michneor was one of his first clients. Louise employs a bookkeeper, Martha Hailing, who does the daily journal entries and prepares a year-to-date trial balance at the end of the of each month. Martha gives the December 31 trial to a CPA to make adjustments and generate the financial statements. As Brian was looking through Louise Michenor’s books, he noticed two things. First, in each of the last three years, a different COA had prepared the financial statements. Second, the amount shown on the December 31 trial balance for miscellaneous expense was quite high this year compared to prior years. Brian called Martha to find out is she new why miscellaneous expense had such a high balance. Martha’s response was “ I just do what Louise tells me to do. If she wants to charge personal expenses to the company, it’s none of my business “.…
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Alex and Hagi decided to open a home cleaning service company, H@L .,. The following information is a partial list of transactions from H@L Inc.January 1- Alex and Hagi each donated $ 25.000 in exchange for common stock to start the business.March 3- H@L Inc., paid $ 3.000 cash for a two-year insurance policy that was effective immediately.March 15-The Company purchased $8.000 of supplies on account.April 5- The Company purchased some cleaning equipment for $10.000 cash. The equipment should last for five years with no residual value. H@L company will take a full year of depreciation in 2020.May 1-H@L Inc., purchased a year’s worth of advertising in a local newspaper for $ 1.200 cash.September 1- The Company obtained a nine-month loan for $ 15.000 at 5% from Do Not Trust Bank, with interest and principal payable on June 2021.December 31- The Company paid $ 5.000 of accounts payable owed from transaction 3.December 31- The Company earned service revenues of $ 26.225, of which $23.225…
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