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Dr. Sarah Beard opened a medical practice specializing in physical therapy. During the first month of operation (August), the
Dr. Sarah Beard opened a medical practice specializing in physical therapy. During the first month of operation (August), the
JUL DI WWW juuri entries.) Read the requirements. Requirement 2. Prepare the trial balance of Dr. Sarah Beard, P.C., at Augus
Total Requirement 3. From the trial balance, determine total assets, total liabilities, and total stockholders equity on Aug
More Info - Aug 6 Beard invested $137,000 in the business, which in turn issued its common stock to her. 9 The business paid
Journal Entry Accounts and Explanations Date Debit Credit Aug 6 Cash 137,000 Common Stock 137,000 Issued stock to owner. Aug
15 No entry required 4,650 31 (a) Cash Accounts Receivable Service Revenue 4,650 9,300 Performed service for cash and on acco
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Answer #1

1.

Cash Accounts Payable Service Revenue
Aug. 6 137000 Aug. 9 66000 Aug. 31 1000 Aug. 12 1400 Aug. 31 9300
Aug. 31 4650 Aug. 31 4500
Aug. 31 900 Aug. 31 1000
Aug. 31 40000
End. Bal. 111050 End. Bal. 400 End. Bal. 9300
Accounts Receivable Note Payable Salary Expense
Aug. 31 4650 Aug. 31 40000 Aug. 31 2800
End. Bal. 4650 End. Bal. 40000 End. Bal. 2800
Medical Supplies Common Stock Rent Expense
Aug. 12 1400 Aug. 31 900 Aug. 6 137000 Aug. 31 1400
End. Bal. 500 End. Bal. 137000 End. Bal. 1400
Land Utilities Expense
Aug. 9 66000 Aug. 31 300
End. Bal. 66000 End. Bal. 300

2.

Dr. Sarah Beard, P.C.
Trial Balance
August 31, 2018
Balance
Account Debit Credit
Cash 111050
Accounts receivable 4650
Medical supplies 500
Land 66000
Accounts payable 400
Note payable 40000
Common stock 137000
Service revenue 9300
Salary expense 2800
Rent expense 1400
Utilities expense 300
Total 186700 186700

3.

Total assets 182200
Total liabilities 40400
Total stockholders' equity 141800
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