Questions 513of13 The following information applies to the q

Questions 5-13(of13) The following information applies to the questions displayed below/ Drs. Glenn Feltham and Gary Entwistle began operations of their physical therapy clinic called Physical Therapy on January 1, 2014. The annual reporting perlod ends December 31. The trial January 1, 2015, was as follows (the amounts are rounded to thousands of dollars to simplify) Account Titles Cash Accounts Receivable Supplies Equipment Accumulated Depreciation Software Accumulated Amortization Accounts Payable Notes Payable (short-term) Salaries and Wages Payable Interest Payable Income Taxes Payable Unearned Revenue Common Stock Retained Earnings Service Revenue Depreciation Expense Amortization Expense Income Tax Expense Interest Expense Supples Expense $ 8 $ 2 0 0 0 14 0 0 0 0 Totais $30 $30 pe here to search

Solution

Answer 2. Journal Entry Date Particulars Dr. Amt. Cr. Amt. 1 Cash            18.00 Notes Payable (short term)            18.00 (record the amount borrowed) 2 Equipment            21.00 Cash            21.00 (record the equipment purchased) 3 Cash              4.00 Common Stock              4.00 (record the common stock issued) 4 Cash            43.00 Accounts Receivable            10.00 Service Revenue            53.00 (record the service revnues earned) 5 Salaries & Wages Expenses            26.00 Cash            26.00 6 Software              4.00 Cash              4.00 (record the software purchased) 7 Cash              7.00 Accounts receivable              7.00 (record amount collected from debtors) 8 Supplies              6.00 Accounts Payable              6.00 (record the supplies purchased) 9 Accounts Payable              8.00 Cash              8.00 (record the accounts payable paid) 10 Cash              4.00 Unearned Revenue              4.00 (record the advance received from hospital) Adjusting Journal Entry 11 Amortization Expense              2.00 Accumulated Amortization              2.00 (recorded the amortization expenses) 12 Supplies Expense              6.00 Supplies              6.00 (Record the supplies expenses) 13 Deprciation Expense              2.00 Accumulated Deprecition - Equipment              2.00 (record the depreciation expense) 14 Interest Expense              1.00 Interest Payable              1.00 (record the interest expense) 15 Salaries & Wages Expense              4.00 Salaries & Wages Payable              4.00 (record the salaries & wages due) 16 Income Tax Expense              5.00 Income Tax Payable              5.00 (record the income tax expense) Closing Journal Entry 17 Income Summary            46.00 Depreciation Expense              2.00 Amortization Expense              2.00 Income Tax Expense              5.00 Interest Expense              1.00 Supplies Expense              6.00 Salaries & Wages Expense            30.00 (record the closing entry for expenses) 18 Service Revenue            53.00 Income Summary            53.00 (Record the clsoing entry for revenue) 19 Income Summary              7.00 Retained Earnings              7.00 (record the net income earned) Answer 3,5 & 8 Cash Accounts Receivable Supplies Beg Bal.              8.00            21.00 2 Beg Bal.              4.00              7.00 7 Beg Bal.            4.00              6.00 12 1            18.00            26.00 5 4            10.00 8            6.00 3              4.00              4.00 6 4            43.00              8.00 9 7              7.00 10              4.00 End. Bal.            25.00 End. Bal.              7.00 End. Bal.            4.00 Equipment Accumulated Depreciation - Equip. Software Beg Bal.              9.00 Beg Bal.              2.00 Beg Bal.            5.00 2            21.00              2.00 13 6            4.00 End. Bal.            30.00 End. Bal.              4.00 End. Bal.            9.00 Accumulated Amortization Accounts Payable Notes Payable (Short term) Beg Bal.              2.00 Beg Bal.              5.00 Beg Bal.                   -                2.00 11 9              8.00              6.00 8            18.00 1 End. Bal.              4.00 End. Bal.              3.00 End. Bal.            18.00 Salaries & Wages Payable Interest Payable Income Tax Payable Beg Bal.                   -   Beg Bal.                   -   Beg Bal.                   -                4.00 15              1.00 14              5.00 16 End. Bal.              4.00 End. Bal.              1.00 End. Bal.              5.00 Unearned Revenue Common Stock Retained Earning Beg Bal.                   -   Beg Bal.            14.00 Beg Bal.              7.00              4.00 10              4.00 3              7.00 19 End. Bal.              4.00 End. Bal.            18.00 End. Bal.            14.00 Service Revenue Depreciation Expense Amortization Expense Beg Bal.                   -   Beg Bal.                   -                2.00 17 Beg Bal.                 -                2.00 17 18            53.00            53.00 4 13              2.00 11            2.00 End. Bal.                   -   End. Bal.                   -   End. Bal.                 -   Income Tax Expense Interest Expense Supplies Expense Beg Bal.                   -                5.00 17 Beg Bal.                   -                1.00 17 Beg Bal.                 -                6.00 17 16              5.00 14              1.00 12            6.00 End. Bal.                   -   End. Bal.                   -   End. Bal.                 -   Salaries & Wages Expense Beg Bal.                   -              30.00 17 5            26.00 15              4.00 End. Bal.                   -