Here are the transactions of Rock Medical Company (a servicecompany organized as a corporation), for the month of March. Recordthe following transactions for Rock Medical Company. Mar 1 Jim Rockinvests $50,000 cash in exchange for common stock in Rock MedicalCompany. 1 Takes out a $5,000, 30-day short term note payable withan annual interest rate of 6%. 1 Purchases medical equipment onaccount from JK Enterprises for $22,800. 3 Pays rent for officespace, $1,500 for the month. 3 Employs a receptionist, MichelleKwin. 4 Purchases medical supplies for cash, $1,165. 10 Receivescash of $850 from patients for services performed. 15 Billspatients $11,560 for services performed. 21 Pays JK Enterprises onaccount, $7,600. 26 Receives $2,600 from patients on account. 30Bills patients $6,890 for services performed. 31 Pays the followingexpenses in cash: Salaries and wages $2,500; miscellaneous officeexpenses $910. 31 Pays principal and interest on the note payable.31 Medical supplies used during the month, $695. 31 Recorddepreciation expense on the equipment using the straight linemethod; the equipment has a 5-year life and no salvage value. 31Record utility expense of $200 incurred for the month; bill notpaid at month end Chart of Accounts: Cash Accounts ReceivableSupplies Equipment Accumulated Depreciation—Equipment AccountsPayable Notes Payable (short term) Common Stock Note PayableService Revenue Rent Expense Office Expense Salaries and WagesExpense Supplies Expense Depreciation Expense Interest ExpenseUtility Expense Income Summary Instructions (e) Prepare closing entries and enter the transactions in theT-accounts (from part (b); journal entries can be handwritten ortyped in Word/Excel; put on a separate page(s). (f) Prepare a post-closing trial balance in EXCEL; use formulasto total the debits and credit NEED HELP WITH “E” and “F” . . .
https://researchpaperswriter.com/wp-content/uploads/2021/03/logo-RP-2-300x60.png 0 0 developer https://researchpaperswriter.com/wp-content/uploads/2021/03/logo-RP-2-300x60.png developer2021-08-20 08:27:252021-08-20 08:27:25Here are the transactions of Rock Medical Company (a servicecompany organized as a corporation), for