Reference no: EM13899938
Wizard Health Care, Inc., is owned and operated by Dr. Chandra Rains, the sole stockholder. During January 2007, Wizard Health Care entered into the following transactions:
Jan. 1 Received $8,100 from Goulash Company as rent for the use of a vacant office in Wizard Health Care's building. Goulash paid the rent six months in advance.
1 Paid $3,600 for an insurance premium on a one-year, general business policy.
4 Purchased supplies of $950 on account.
5 Collected $9,000 for services provided to customers on account.
11 Paid creditors $1,600 on account.
18 Invested an additional $45,000 in the business in exchange for capital stock.
20 Billed patients $24,800 for services provided on account.
25 Received $6,800 for services provided to customers who paid cash.
29 Paid expenses as follows: wages, $12,600; utilities, $3,500; rent on medical equipment, $2,700; interest, $250; and miscellaneous, $650.
29 Paid dividends of $2,000 to stockholders (Dr. Rains).
Instructions
Analyze and record the January transactions for Wizard Health Care, Inc., using the integrated financial statement framework. Record each transaction by date and show the balance for each item after each transaction. The January 1, 2007, balances for the balance sheet are shown below.
Stockholders'
Assets Liabilities + Equity
Accts. Pre. Acc. Accts. Un. Wages Notes Capital Ret. Cash + Rec. + Ins. + Supp. + Building - Dep. + Land Pay. + Rev. + Pay. + Pay. + Stock + Earn.
Bal., Jan. 1 10,400 13,500 360 560 90,000 -7,200 45,000 3,800 0 0 36,000 45,000 67,820
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