Details of this Paper

ACT

Description

solution


Question

What is a general ledger and how is it helpful in accounting;What about the impact of debits and credits to revenue and expense accounts;Class - Please attempt this exercise and see what you come up with. Please do not attach a file with your response, instead write or copy and paste your answer into the threads. Thanks.;Paul;E2-16A;Bob Morin opened a medical practice specializing in surgery. During the first month of operation (August), the business, titled Bob Morin, Professional Corporation (P.C.), experienced the following events;Aug 6;Morin invested $39,000 in the business, which in turn issued its common stock to him.;9;The business paid cash for land costing $29,000. Morin plans to build an office building on the land.;12;The business purchased medical supplies for $1,700 on account.;15;Bob Morin, P.C., officially opened for business.;15?31;During the rest of the month, Morin treated patients and earned service revenue of $7,600, receiving cash for half the revenue earned.;15?31;The business paid cash expenses: employee salaries, $1,300, office rent, $700, utilities, $500.;31;The business sold supplies to another physician for cost of $700.;31;The business borrowed $12,000, signing a note payable to the bank.;31;The business paid $800 on account.;? Requirements;1. Analyze the effects of these events on the accounting equation of the medical practice of Bob Morin, P.C.;2. After completing the analysis, answer these questions about the business.;a. How much are total assets?;b. How much does the business expect to collect from patients?;c. How much does the business owe in total?;d. How much of the business?s assets does Morin really own?;e. How much net income or net loss did the business experience during its first month of operations?;Everyone - Please attempt this exercise and see what you come up with. Please do not attach a file with your response, instead write or copy and paste your answer into the threads. Thanks.;E2-15A;The following selected events were experienced by either Fact Finders, Inc., a corporation, or Peter Flip, the major stockholder. State whether each event (1) increased, (2) decreased, or (3) had no effect on the total assets of the business. Identify any specific asset affected.;a. Received $8,500 cash from customers on account.;b. Flip used personal funds to purchase a flat screen TV for his home.;c. Sold land and received cash of $71,000 (the land was carried on the company?s books at $71,000).;d. Borrowed $56,000 from the bank.;e. Made cash purchase of land for a building site, $93,000.;f. Received $22,000 cash and issued stock to a stockholder.;g. Paid $68,000 cash on accounts payable.;h. Purchased equipment and signed a $104,000 promissory note in payment.;i. Purchased merchandise inventory on account for $16,500.;j. The business paid Flip a cash dividend of $7,000.

 

Paper#81551 | Written in 18-Jul-2015

Price : $20
SiteLock