Awar d 15outof 1500points oct1 thec linic is s

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Unformatted text preview: for dec reas e, and NE for no effec t. The ans wer for trans ac tion a is prov ided as an ex ample: Trans ac tion a b c d e f g h i As s ets I NE* D D I I I NE* NE* = Liabilities I NE D D NE I NE NE NE + Owners ' Equity NE NE NE NE I NE I NE NE Explanation: *I and D net to NE 5. awar d: 15 out of 15.00 points Oct. 1 The c linic is s ued 4,000 additional s hares of c apital s toc k to Doc tor Soges at $50 per s hare. Oct. 4 The c linic purc has ed diagnos tic equipment. The equipment c os t $75,000, of whic h $25,000 was paid in c as h; a note pay able was is s ued for the balanc e. Oct. 12 Is s ued a c hec k for $9,000 in full pay ment of an ac c ount pay able to Zeller Laboratories . Oct. 19 Purc has ed s urgic al s upplies for $2,600. Pay ment is not due until Nov ember 28. e z to.mhe c loud.mc gr a w- hill.c om/hm_a c c ounting.tpx? todo= pr intvie w 6/14 11/18/13 Assignme nt Pr int Vie w Oct. 25 Collec ted a $24,000 ac c ount rec eiv able from Health One Ins uranc e Company . Oct. 30 Dec lared and paid a $300,000 c as h div idend to s toc k holders . Rec ord the abov e s elec ted trans ac tions in general journal form for Sun Orthopedic Clinic , Inc . (Om it the "$" sign in your response.) Date General J ournal Oc t. 1 Cash Capital stock 4 Diagnostic equipm ent Cash Notes payable 12 Accounts payable Cash 19 Surgical supplies Accounts payable 25 Cash Accounts receivable 30 Dividends Cash Debit 200,000 75,000 9,000 2,600 24,000 300,000 Worksheet Learning Objective: 03­04 Explain the double­entry system of accounting. Learning Objective: 03­05 Explain the purpose of a journal and its relationship to the ledger. 200,000 25,000 50,000 9,000 2,600 24,000 300,000 Learning Objective: 03­03 Understand how balance sheet accounts are increased or decreased. Credit Oct. 1 The c linic is s ued 4,000 additional s hares of c apital s toc k to Doc tor Soges at $50 per s hare. Oct. 4 The c linic purc has ed diagnos tic equipment. The equipment c os t $75,000, of whic h $25,000 was paid in c as h; a note pay...
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This document was uploaded on 03/03/2014 for the course MGMT ACCOU 2300 at Rensselaer Polytechnic Institute.

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