DW Page Layout Formulas Data Review View Help Tell meh Calibri 2 Wrap Text Gener

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DW Page Layout Formulas Data Review View Help Tell meh Calibri 2 Wrap Text General | Merge & Center-S . 96 , lam Conditional Format Cell Paste B 1 u . | | 0»-A.. | ? | Clipboard Font Formatting Table Styles Alignment Number Styles F24 D 2/14/2014 Fees totaling $5,500 were billed to patients; $3,000 was collected immediately 16 17 18 and the balance of $2,500 is due within 30 days. 19 E2/19/2014 Full payment was made for the equipment purchased on February 10th. 20 21 REQUIRED Points 23 1) Record each transaction in proper journal entry form, excluding written explanations 24 25 26 27 28 29 30 31 32 5 points each 34 35 36 37

Explanation / Answer

Journal Entries for the part D

For part E, since the information about the purchase price of equipment is not given, i am providing you with the journal entry that has to be posted for transaction E.

As they said, full payment was made on the equipment purchased on Feb 10

so the entry on Feb 10th was for purchase of equipment on credit as below

Now in transaction E) the payment is fully made on purchase, therefore entry will be as below

I have put "XXX" in place of account, as the amount is given in the previous transactions of the question.

You can just replace the same with the amount given in question for the purchase of equipment.

Date Account,Title and Explanation Debit Credit 2/14/2014 Cash $3000 Accounts Receivable $3000 (to record the cash collected from accounts receivables)

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