Accounting | Journal Entry

1. Pass journal entries:

Gidwid Medical Company began operations on January 1, 2007.  Gidwid Medical Co. is in the business of providing medical care.  The following events transpired during 2007:

 

EVENT	DATE	WHAT HAPPENED?
(a)	1/1/07	Sally contributed $100,000 to Gidwid Medical Co. in exchange for 10,000 shares of common stock valued at $10 par value a share.
(b)	1/5/07	Gidwid Medical Co. purchases land for $10,000 and a building for $30,000 using cash
(c )	1/7/07	Gidwid Medical Co. purchases supplies for $5,000 from Sammy Medical on account
(d)	1/9/07	Gidwid Medical Co. hires a receptionist, who will start working in February
(e)	1/15/07	Gidwid Medical Co. sees its first patient (Patient A).  Before Patient A leaves the office she pays her $600 medical bill in cash.
(f)	1/20/07	Gidwid Medical Co. sees its second patient (Patient B).  Patient B does not pay in cash, and Gidwid Medical Co. gives Patient B a bill for $550.
(g)	1/22/07	Gidwid Medical Co. pays Sammy Medical $3,000 in relation to the supplies it purchased on account on 1/7/07
(h)	1/23/07	Gidwid Medical Co. sees its third patient (Patient C).  Patient C does not pay in cash, and Gidwid Medical Co. gives Patient C a bill for $625.
(i)	1/27/07	Gidwid Medical Co. receives full cash payment in the mail from Patient B.
(j)	1/30/07	Gidwid Medical Co. receives a utility bill for $125.  Gidwid Medical does not plan on paying the bill until some time in February.
(k)	1/31/07	Gidwid Medical Co. pays its doctor a monthly salary of $475.

 

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