Reference no: EM13258016
Emerald Health Care Inc. is owned and operated by Dr. JulieWeinstein, the sold stockholder. During March 2009, EmeraldHealth Care entered into the following transactions:
March 1 - Received $12,000 from Moloney Company as rent for theuse of a vacant office in Emerald Health Care'sbuilding. Moloney paid the rent six months in advance.
March 1 - Paid $5,400 for an insurance premium on ageneral business policy.
March 6 - Purchased supplies of $1,425 on account.
March 9 - Collected $13,500 for services provided tocustomers on account.
March 11 - Paid creditors $2,400 on account.
March 18 - Invested an additional $40,000 in the businessin exchange for capital stock.
March 20 - Billed patients $37,200 for services providedon account.
March 25 - Received $10,000 for services provided tocustomers who paid cash.
March 30 - Paid expenses as follows: wages, $18,000;utilities, $5,250; rent on medical equipment, $4,000; interest,$400; and miscellaneous, $1,000.
March 30 - Paid dividends of $3,000 to stockholders (Dr.Weinstein).
Instructions:
Analyze and record the March transactions for Emerald HealthCare Inc. using the integrated financial statementframework. Record each transaction by date and show thebalance for each item after each transaction. The March 1,2009 balances for the balance sheet are shown below.
Balance March 1
Assets =
Cash + Accts.Rec. + Pre. Ins. + Supp. + Building - Acc. Dep. + Land =
15,600 20,250 540 840 135,000 - 10,800 67,500 =
Liabilities + Stockholders'Equity
Accts. Pay + Un.Rev. + Wages Pay. + Notes Pay. + Capital Stock + Ret. Earn.
5,700 0 0 54,000 60,000 109,230
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