Question

A Journal Entries for Month of January 2019 2 Date Accounts Amount De Amount Credit 1-Jan Office Fixtures and Equip 20000 Cash 10000 Note Payable 10000 65000 2-Jan Cash Contributed Capital 65000 5-Jan Cash Accounts Receivable Service Revenue 10000 65000 mmmNm 75000 25000 8-Jan Cash Accounts Receivable 25000 2000 10-Jan Office Supplies Accounts Payable 2000 0 12000 15-Jan Medical Instrument Cash 12000 3 2000 20-Jan Insurance Expense Accounts Payable 2000 6 26-Jan Income Tax Expense Cash 5000 5000 9 7000 27-Jan Accounts Payable Cash 7000 2 3000 30-Jan Utilities Expense Cash 3000 5 25000 31-Jan Salaries Cash 25000

Answer 1

Dr. McMuffin Trial Balance For the period ending 31.1.2019 Particulars Cash Accounts Receivable Office Supplies Land Building Office Fixtures and Equipment Medical Instruments Accounts Payable Notes Payable Contributed Capital Retained Earnings Patient Service Revenue Compensation Expense Insurance Expense Utilities Expense Income Tax Expense Totals Debit in $ Credit in $ 85000 84000 8200 51000 87000 48000 52000 49000 68000 187000 71200 75000 25000 2000 3000 5000 450200 450200 75000 Statement of Income For the period ending 31.1.2019 Patient Service Revenue Less: Compensation Expense Insurance Expense Utilities Expense 25000 2000 3000 30000 45000 -5000 40000 Income Tax Expense Net Income

Balance sheet As at 31.12.2020 Assets Current Assets Cash Accounts Receivable Office Supplies Amounts in $ Amounts in $ Liabilities Amounts in $ Amounts in $ Current Liabilities 85000 Accounts Payable 49000 84000 8200 177200 Non Current Liabilities Notes Payable 68000 51000 87000 Shareholders Equity 48000 Contributed Capital 187000 52000 238000 Retained Earnings 111200 298200 415200 Total Liabilities & Equity 415200 Non Current Assets Land Building Office Fixtures and Equipment Medical Instruments Total Assets Statement of Retained Earnings For the period ending 31.1.2019 Beginning Balance Add:Net Income 71200 40000 111200