HWK1-JE - service revenue of $7,000, receiving cash....

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Maria Lange opened a medical practice. During July, the first month of operation, the business, named M. Lange, M. D., P.C. experienced the following events: 07/01 Lange invested $45,000 in the business by opening a bank account in the name of M. Lange, M. D., P.C. The corporation issued common stock to Lange. 07/02 Paid $35,000 cash for land. 07/03 Purchased medical supplied for $2,000 on account. 07/07 Officially opened for business. 07/08-31 During the rest of the month, Lange treated patients and earned
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Unformatted text preview: service revenue of $7,000, receiving cash. 07/08-31 Paid cash expenses: employee salaries, $1,700; office rent, $1,000; utilities,$300. 07/28 Sold supplies to another physician for the costs of those supplies, $500. 07/31 Paid $1,500 on account. Requirements: 1. Prepare journal entries for the preceding transactions. 2. Prepare income statement for the month ended 07/31/XX 3. Prepare the balance sheet for 07/31/XX...
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