Question

Dr. Anna Grayson opened a medical practice specializing in physical therapy. During the first month of operation (July), the business, ited Dr. Anna Grayson, Professional Corporation (PC) experienced the following events: (Click the icon to view the events) Requirement Record the transactions in the joumal of Dr. Anna Grayson, P.C. Lint the transactions by date and give an exploration for each transaction (Record debits first, then credits. Select explanations on the lastne of the journal entry table. In entry is not required, select "No entry required on the first line of the table and leave all other cells blank.) 1. More info Ju Grayson invested $145,000 in the business, which in turn issued its common stock to her Journal Entry Date Accounts and Explanations Credit Jul Dube 6 Grayson invested 5145,000 in the business, which in tumissued its common stock to her 9 The business paid cash for landsting 506,000. Grayson plans to build an office building on the land 12 The business purchased medical supplies for $2.100 on court 15 Dr. Anna Grayson, PC, officially opened for business 15-31 During the rest of the month. Grayson treated patients and med service revenue of $9.500, relving cash for all the revenue came 15-31 The business paid cash expenses employee salaries, $2,400, office rent, $1,300e, 1.000 31 The business sold medical supplies to another physician for cost of $700 and received cash The business borrowed 538,000, signing a note payable to the bank 31 The business paid $1,200 on account Choose from any or enter any number in the input fields and then click Check Answer Print Done Check Answer 8 parts rering

Answer 1

Dr.Anna Grayson, P.C. Journal Enteries Date Particulars Jul-06 Cash Common Stock (Common Stock issued) Debit in $ Credit in $ 145000 145000 96000 Jul-09 Land Cash (Land purchased) 96000 2100 Jul-12 Medical Supplies Accounts Payable (Supplies on account) 2100 Jul-15 No Journal entry 4750 4750 Jul 15 - 31 Accounts Receivable Cash Service Revenue (Revenue earned) 9500 2400 1300 Jul 15 - 31 Salaries Expense Office Rent expense Utilities Expense Cash (Expenses paid) 1600 5300 Jul-31 700 Cash Medical Supplies (Supplies sold) 700 38000 Jul-31 Cash Notes Payable (Cash borrowed) 38000 1200 Jul-31 Accounts Payable Cash (Creditors paid) 1200