Question

Chapter 3 Basic Accounting Systems Accrual Bass 133 Uabilities Current liabilities Accounts receivable.......... Accumulated depreciation-building................. ******** Accumulated depreciation equipment.............. Net loss. Total liabilities....... Stockholders' Equity Wages payable........... . Common stock. ............. Retained earnings... Total stockholders' equity.. . Total liabilities and stockholders' equity ....... $ 40.000 54,600 32.400 44,200 $172.000 $ 100 200,000 447000 655,100 5297/100 Problems Obj. 2 P3-1 Accrual basis accounting San Mateo Health Care Inc. is owned and operated by Rachel Fields, the sole stockholder. During January 20Y6, San Mateo Health Care entered into the following transactions: Jan. 1 Received $27.000 from Hillard Company as rent for the use of a vacant office in San Mateo Health Care's building. Hillard paid the rent nine months in advance. 1 Paid $6,000 for a one-year general insurance business policy. 6 Purchased supplies of $1,800 on account. 9 Collected $32,000 for services provided to customers on account 11 Paid creditors $5,000 on account. 18 Invested an additional $10,000 in the business in exchange for common stock. 20 Billed patients $52,000 for services provided on account. 25 Received $15,000 for services provided to customers who paid cash. 30 Paid expenses as follows: wages, $31,000; utilities, $8,500; rent on medical equip- ment, $5,300; interest, $200; and miscellaneous, $3,000. 30 Paid dividends of $8,000 to stockholder (Dr. Fields). Instructions Analyze and record the January transactions for San Mateo Health Care Inc., using the integrated financial statement framework. Record each transaction by date, and show the balance for each item after each transaction. The January 1, 2016, balances for the balance sheet are shown below. Assets Accts. Pre Acc. Cash + Rec. + Ins. + Supp. + Building - Depr. + Land Bal, Jan. 1 20,000 44,500 700 1,200 150,000 (11,200) 120,000 Accts. Pay. 7,700 Liabilities + Stockholders' Equity Un. Wages Notes Common Retained Rev. + Pay. + Pay. + Stock + Earnings 0 0 30.000 50,000 237.500

p3-1, p3-2, p3-3

Answer 1

3-1

	Cash	Accts Rec	Pre Ins	Supp	Building	Acc Dep	Land	Acc Pay	Un Rev	Wages Pay	Notes Pay	Common Stock	Retained Earnings
Beg Bal	20000	44500	700	1200	150000	-11200	120000	7700	0	0	30000	50000	237500
Jan-01	27000								27000
Jan-01	-6000		6000
Jan-06				1800				1800
Jan-09	32000	-32000
Jan-11	-5000							-5000
Jan-18	10000											10000
Jan-20		52000											52000
Jan-25	15000												15000
Jan-30	-48000												-48000
Jan-30	-8000												-8000
End Bal	37000	64500	6700	3000	150000	-11200	120000	4500	27000	0	30000	60000	248500	0

3-2

	Cash	Accts Rec	Pre Ins	Supp	Building	Acc Dep	Land	Acc Pay	Un Rev	Wages Pay	Notes Pay	Common Stock	Retained Earnings
Beg Bal	20000	44500	700	1200	150000	-11200	120000	7700	0	0	30000	50000	237500
Jan-01	27000								27000
Jan-01	-6000		6000
Jan-06				1800				1800
Jan-09	32000	-32000
Jan-11	-5000							-5000
Jan-18	10000											10000
Jan-20		52000											52000
Jan-25	15000												15000
Jan-30	-48000												-48000
Jan-30	-8000												-8000
End Bal	37000	64500	6700	3000	150000	-11200	120000	4500	27000	0	30000	60000	248500
Jan-31			-900										-900
Jan-31				-1800									-1800
Jan-31						-2300							-2300
Jan-31									-3000				3000
Jan-31										2900			-2900
Jan-31		5000											5000
End Bal	37000	69500	5800	1200	150000	-13500	120000	4500	24000	2900	30000	60000	248600

As per HOMEWORKLIB RULES, we are suppose to answer 1 question, i have answered 2, so kindly post other questions separately