Record the preceding transactions using the ifs framework

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Reference no: EM131527257

Question: Using the income statement and statement of cash flows you prepared in Exercise I, reconcile net income with the net cash flows from operations.

Exercise I: Using the data from Exercises III and II, prepare financial statements for July, including income statement, retained earnings statement, balance sheet, and statement of cash flows.

Exercises II: Using the data from Exercise III, record the adjusting entries at the end of July to record the insurance expense and supplies expense. There were $280 of supplies on hand as of July 31. Identify the adjusting entry for insurance as (a1) and supplies as (a2).

Exercise III: Chico Urgent Care is owned and operated by Dr. Janet Scanlon, the sole stockholder. During July 2007, Chico Urgent Care entered into the following transactions:

a. Dr. Scanlon invested $10,000 in Chico Urgent Care in exchange for capital stock.

b. Paid $3,600 for an insurance premium on a one-year policy.

c. Purchased supplies on account, $500.

d. Received fees of $18,650 during July.

e. Paid expenses as follows: wages, $5,240; rent, $2,500; utilities, $1,100; and miscellaneous, $880.

f. Paid dividends of $1,000.

Record the preceding transactions using the integrated financial statement(IFS) framework. After each transaction, you should enter a balance for each item.

Reference no: EM131527257

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