Maurice Tutor

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    Argosy University/ Phoniex University/
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    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 11 Jul 2017 My Price 12.00

medical office

Problem 1-8A

Izabela Ivanhoe opened a medical office under the name Izabela Ivanhoe, MD, on August 1, 2017. On August 31, the balance sheet showed Cash $3,000; Accounts Receivable $1,500; Supplies $600; Equipment $7,500; Accounts Payable $5,500; Note Payable $3,000; and I. Ivanhoe, Capital, $4,100. During September, the following transactions occurred:

Sept.

4

  

Collected $850 of accounts receivable.
 

5

  

Provided services of $10,500, of which $7,700 was collected from patients and the remainder was on account.
 

7

  

Paid $2,000 on accounts payable.
 

12

  

Purchased additional equipment for $2,300, paying $800 cash and leaving the balance on account.
 

15

  

Paid salaries, $4,000; rent for August, $1,900; and advertising expenses, $275.
 

18

  

Collected the balance of the accounts receivable from August 31.
 

20

  

Withdrew $750 for personal use.
 

26

  

Borrowed $2,600 from the Bank of Montreal on a note payable.
 

28

  

Signed a contract to provide medical services, not covered under the government health plan, to employees of CRS Corp. in October for $5,100. CRS Corp. will pay the amount owing after the medical services have been provided.
 

29

  

Received the telephone bill for September, $285.
 

30

  

Billed the government $10,600 for services provided to patients in September.

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Jul 2017 07:07 PM My Price 12.00

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