Ultimate_Writer
September 29, 2021Due to financial hardship, the Nyke shoe company feels they only need to make one size of shoes, regardless of gender or height. They have collected data on gender, shoe size, and height and have asked you to tell them if they can change their business m
September 29, 2021Warren Smith pracitces medicine under the business title Warren Smith, M.D. During April, the medical practice completed the following transactions:
April 1 Smith deposited $78,000 cash in the business bank account. The business gave capital to Smith.
April 5 Paid monthly rent on medical equipment, $780.
April 9 Paid $18,000 cash to purchase land for an office site.
April 10 Purchased supplies on account, $1,200.
April 19 Borrowed $20,000 from the bank for business use. Smith signed a note payable to the bank in the name of the business.
April 22 Paid $800 on account.
April 30 Revenues earned during the month included $5,900 cash and $4,900 on account.
April 30 Paid employees’ salaries $2,000, office rent $1,800, and utilities $420. Make a single compound entry.
April 30 Owner withdrew $9,000.
1. Journalize each transaction. Explanations are not required.
2. Post the transactions to the T-accounts, using transaction dates as posting referneces in the ledger accounts. Label the balance of each account Bal.
3. Prepare the trial balanace of Warren Smith, M.D., at April 30, 2010.
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