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ACCT 504 Week 2 Homework (E2-17A,  E2-18A, E3-22A, E3-23A)
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ACCT 504 Week 2 Homework (E2-17A, E2-18A, E3-22A, E3-23A)

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This Tutorial contains Excel Files which can be used to solve for any values (your Question may have different company name or values, but that can be solved using Excel file) E2-17A Dr Anna Grayson opened a medical practice specializing in physical therapy. During the first month of operation (May), the business, titled. Anna Grayson, Professional Corporation (P.C.), experienced the following events: 1. Record the transactions in the journal of Dr. Anna Grayson, P.C. List the transactions by date and give an explanation for each transaction 6 Grayson invested $138,000 in the business, which in turn issued its common stock to her. 9 The business paid cash for land costing $63,000. Grayson plans to build an office building on the land. 12 The business purchased medical supplies for $1,500 on account. 15 Dr. Anna P.C., officially opened for business. 15-31 During the rest of the month, Grayson treated patients and earned service revenue of $9,400, receiving cash for half the revenue earned. 15-31 The business paid cash expenses: employee salaries, $2,800; office rent, $ 900$900; utilities, $ 900$900. 31 The business sold supplies to another physician for cost of $400. 31 The business borrowed 30,000, signing a note payable to the bank. 31 The business paid $600 on account. E3-22A Clark Truck Rentals Company faced the following situations. a. The business has interest expense of $ 3,000 that it must pay early in January 2015 b. Interest revenue of $4,500 has been earned but not yet received. c. On July 1, 2014, when the business collected $13,900 rent in advance, it debited Cash and credited Unearned Rent Revenue. The tenant was paying for two years' rent. d. Salary expense is $5,500 per daylong dash—Monday through Friday dash—and the business pays employees each Friday. For the purpose of this calculation, assume December 31 falls on a Thursday. e. The unadjusted balance of the Supplies account is $3,000. The total cost of supplies on hand is $ 1,500. f. Equipment was purchased at the beginning of this year at a cost of $120,000. The equipment's useful life is five years. There is no residual value. Record depreciation for this year and then determine the equipment's book value. Journalize the adjusting entry needed at December 31, 2014, for each situation. Consider each fact separately E3-23A The adjusted trial balance of Homemade HamsHomemade Hams, Inc., follows. Homemade Hams, Inc. Adjusted Trial Balance 31-Dec-14 Account (Amounts in thousands) Cash Debit cash 4400 Accounts receivable 1,800 Inventories 2,400 Prepaid expenses 1,900 Property, plant, and equipment 16,700 Accumulated depreciation, property, plant, and equipment Other assets 9,700 Accounts payable Income tax payable Other liabilities Common stock Retained earnings (beginning, December 31, 2013) Dividends 1,700 Sales revenue Cost of goods sold 25,600 Selling, administrative, and general expense 10,400 Income tax expense 2,000

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