Question

chapter 3 homework

Chapter 3 Homework Help Save & Exit Submit Check my work Dr. Schekter, DVM, opened a veterinary clinic on May 1, current year. The business transactions for May are shown as follows. May 1 Dr. Sebekter invested $400,000 cash in the business in exchange for 6,000 shares of eapital soek. May Land and a building were purchased for $300,000. Of this amount, 584,000 applied to the land, and $216,000 to the building. A cash payment of $120,000 was made at the time of the purchase, and a note payable was issued for the Hay Medical instrum cal instruments were purchased for $156,000 cash May 16 Office fixtures and equipment were purchased for $60,000. Dr. Schokter paid $24,000 at the time of purchase and agreed to pay the entire remaining balance in 15 days. May 21 offee supplies expected to last several months were purchased for $6.990 cash. May 24 Dr. Behekter billedeliente 92.640 for services rendered. Of this amount, $2,200 was received in cash, and $360 was billed on account (duey in 30 days). May 27 A 5480 invoice was receivel for several radio advertisements aired in May. The entire amount to die on June 5. May 28 Received a $120 payment on the 360 account receivable recorded May 24. May 31 Paid employees $3,360 for salaries earned in May. A partial list of account titles used by Dr. Schekter includes the following Notes Payable hooounts Receivable Accounts Payable Office Supplies Capital Stock Veterinary Service Revenue office Fixtures and Equipment Advertising Expense Salary Expense

Answer 1

DO. Scherles Dum $ cash 6480,000 may 4 maya $ 2280 moy 16 $ 120 may 21 MOY 3 moy 24 120,000 156000 34000 6000 3360 $ $ § may 28 may 31 Balance & 173040 moy & 24 Account Receivable & 360 may 28. 120 may 31 Balance 4240 supplies office & 6000 may 2L may 31 BOY $ 6000 medical Instruments 156000 may a MOOY 3 Bols1156000 May 16 office fixture and cauipment 60,000 mayal Bor & 60,000

2014 4 Land s 84000 may 31 BC I suooo May 4 Building s 216000 may 31 Bal 216000 notes Povable ma44 (300 000 - 120,000) $ 180,000 may 31 Bal 180,000 Accounts payable moy 16 [$60000 -240ools 36000. moy 27 480 may 3), Balance 364801 capital stock may I 1480ooo may 31 Bal 480,000 warunty sewice Revenue may 24 12640 May 31 Boyonce 12.6 Go

Advertising expense $ 480 may 27 BOY 08h St salary expense $ 3360 I E how B $ 3360