S2-9 (similar to Sandy Patel, MD, opened a medical practice. The business comple

Question

S2-9 (similar to Sandy Patel, MD, opened a medical practice. The business completed the following transactions: Jul1 Patel Invested $28,000 cash to start her medical practice. The business issued common stock to Pate 2 Purchased medical supplies on account totaling $8,300. 3 Paid monthly office rent of $2,500 6 Recorded $9,500 revenue (in cash) for service rendered to patients After these transactions, how much cash does the business have to work with? Use a T-account to show your answer. Begin by posting the transactions, using the date as a posting reference.Then, label and calculate the ending balance, using "Bal" as the posting reference. Cash

Explanation / Answer

July 1 Cash increased with the investment

July 3 cash decreased as rent is paid

July 6 Cash increase with the revenue

Cash Jul-01 28000 Jul-03 2500 Jul-06 9500 Bal 35000

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