Sheila Lange opened a medical practice titled Sheila Lange M.D., Inc. During Aug

Question

Sheila Lange opened a medical practice titled Sheila Lange M.D., Inc. During August, the first month of operations, the business experienced the following events: (Click the icon to view the events.) Read the requirement. Calculate the updated balances for all the accounts after entering each transaction. (If a box is not used in the transaction, leave the box empty; do not enter a zero If an event does not affect the accounts of the business, leave the entire transaction line blank. Carry down all balances, including zero balance accounts. Enter decreases with a minus sign or parentheses.) August 2: Lange bought $65,000 of common stock in the business by opening a bank account in the name of Sheila Lange M.D., Inc. Assets Liabilities + Stockholders' equity CashMed supLand AP CS Retained earnings Serv revRent exp Util exp 2) Bal

Explanation / Answer

Date Assets = Liabilities + Stockholders' Equity August Cash + Med. Supplies + Land = AP + CS + Retained Earnings Serv. Rev. - Rent Exp. - Util. Exp. Bal., Aug 1 Aug 2 65,000 65,000 Bal. 65,000 65,000 Aug. 6 (53,000) 53,000 Bal. 12,000 53,000 65,000 Aug. 11 300 300 Bal. 12,000 300 53,000 300 65,000 Aug. 15 Bal. 12,000 300 53,000 300 65,000 Aug. 17 7,000 7,000 Bal. 19,000 300 53,000 300 65,000 7,000 Aug. 19 (1,800) (1,800) Bal. 17,200 300 53,000 300 65,000 7,000 (1,800) Aug. 22 250 (250) Bal. 17,450 50 53,000 300 65,000 7,000 (1,800) Aug 25 125 (125) Bal. 17,450 50 53,000 425 65,000 7,000 (1,800) (125) Aug. 30 (200) Bal. 17,250 50 53,000 225 65,000 7,000 (1,800) (125)

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