Record the collection from four credit customers of April

Assignment Help Accounting Basics
Reference no: EM132643249

Question - Precision Laser Centres showed the following selected activities during the month of April 2020.

April 5 Performed surgery on a customer today and collected $4,400 cash.

April 8 Purchased surgical supplies on credit; $18,800.

April 10 Contacted a client's lawyer today regarding a complaint about the surgery. The client is planning to sue for $100,000.

April 18 Paid salaries; $39,000.

April 20 Performed six surgeries today, all on credit; $4,200 each.

April 21 Paid for the surgical supplies purchased on April 8.

April 22 Paid the April utilities bill today; $1,700.

April 29 Collected from four of the credit customers of April 20.

Required - Record the journal entries for the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

These is the transaction list for the journal entry worksheet

1. Record cash collected for surgery performed.

2. Record purchase of surgical supplies on credit.

3. Record the contact with a client's lawyer today regarding a complaint about the surgery. The client is planning to sue for $100,000.

4. Record salary payment.

5. Record the performance of six surgeries on credit.

6. Record the payment for the credit purchase of April 8.

7. Record the payment of April utilities.

8. Record the collection from four credit customers of April 20.

Reference no: EM132643249

Questions Cloud

Find what amount is included in Es employment income : E used the loan to assist with the purchase of a home. Find what amount is included in E's employment income for tax purposes in the current year
What is probability that exactly two claims will be filed : Suppose they wrote 20 policies for the coming weekend, what is the probability that exactly two claims will be filed?
Prepare journal entries for to record the transactions : Prepare journal entries for 2021 to record the transactions described (credit "various accounts" for construction costs incurred)
What cost of goods sold under lifo is : A physical count of merchandise inventory on November 30 reveals that there are 82 units on hand. What Cost of goods sold under LIFO is
Record the collection from four credit customers of April : April 20 Performed six surgeries today, all on credit; $4,200 each. Record the collection from four credit customers of April 20
How to conduct high stakes negotiations in the digital age : How to Conduct High Stakes Negotiations in the Digital Age without Being Short-changed. Explain in detail and provide the specific example.
What the value of whispering winds corp inventory : Whispering Winds Corp. uses the average cost method. What the value of Whispering Winds Corp.'s inventory at May 31, 2022 is?
What is the interest rate of the savings account : The future value of the investment at the end of four years is $4,016. What is the interest rate of the savings account
What is the probability of a fair coin toss : What is the probability of a fair coin toss resulting in "heads"?a: 100%b: you can't tellc: 50%d: 10%

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd