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  • HCA 221 Journal Entries - July 8

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    swimmerjahnavi
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    The accounting ledger records transactions from August 2, 2020 to December 31, 2020. It includes initial capital contributions, purchases of assets, operating expenses, payroll, revenue, and correcting entries. Major transactions include purchasing furniture and fixtures for $70,000, paying salaries of $10,000, and receiving fee income of $25,000. Several correcting entries were made at year-end to properly record a revenue amount, electricity expense, and prepaid insurance allocation between years.

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    Practice accounting journal entries for a primary physician practice

    Original Title

    HCA 221 Journal Entries_July 8

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    The accounting ledger records transactions from August 2, 2020 to December 31, 2020. It includes initial capital contributions, purchases of assets, operating expenses, payroll, revenue, and correcting entries. Major transactions include purchasing furniture and fixtures for $70,000, paying salaries of $10,000, and receiving fee income of $25,000. Several correcting entries were made at year-end to properly record a revenue amount, electricity expense, and prepaid insurance allocation between years.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    15 views4 pages

    HCA 221 Journal Entries - July 8

    Uploaded by

    swimmerjahnavi
    The accounting ledger records transactions from August 2, 2020 to December 31, 2020. It includes initial capital contributions, purchases of assets, operating expenses, payroll, revenue, and correcting entries. Major transactions include purchasing furniture and fixtures for $70,000, paying salaries of $10,000, and receiving fee income of $25,000. Several correcting entries were made at year-end to properly record a revenue amount, electricity expense, and prepaid insurance allocation between years.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    of 4

    ACCOUNTING LEDGER

    Date  Account Debit  Credit 


    August 2, 2020 Cash  $250,000   
      Capital Account    $250,000 
           
    August 3, 2020 Security Deposit  $5,000   
      Cash    $5,000 
           
    August 4, 2020 Rent   $10,000   
      Cash    $10,000 
           
    August 5, 2020 Furniture and $70,000   
    Fixtures 
      Cash    $70,000 
           
    August 6, 2020  Hardware Alondra Garcia
    $25,000   
    and Software  Anahi Luna
      Cash  Jahnavi
      Cruz Diaz $25,000 
        Kathleen
      Ruther  
    August 9, 2020 Advertising  $5,000  
      Department of Healthcare Administration,
    Accounts Payable   Mount Saint Mary’s University
    $5,000 
     
    HCA 221:  Accounting and Financial
       
    Management in Healthcare
    August 10, 2020 Vehicle $30,000  
    Professor Sunil Dixit
      Auto Loan   $30,000 
    August 1st , 2021
           
    August 11, 2020 Entertainment   $2,500  
      Cash    $2,500
           
    August 12, 2020  Office Expenses  $1,000   
      Cash    $1,000 
           
    August 13, 2020 Advertisement  $5,000   
      Accounts Payable     $5,000 

    August 13, 2020 Accounts Payable $5,000


    Cash $5,000

    August 16, 2020 Salaries 10,000


    Tax Withholding $1,000
    Health Insurance $1,500

    HCA 221 Summer 2021


    401 (K) Contribution $600
    (Employees)
    Cash $6,900

    August 17, 2020 Tax Withholding $1,000


    Health Insurance $1,500
    (Employees)
    401(k) Contributions $600
    (Employees)
    Cash $3100

    August 18, 2020 Electricity $500


    Cash $500

    August 19, 2020 Insurance $1,200


    Cash $1,200

    August 20, 2020 Cash $6,500


    Revenue (Copays) $6,500

    August 20, 2020 Accounts Receivables $25,000


    Fee Income $25,000

    August 27, 2020 Cash $11,250


    August 27, 2020 Fee Income (debit) $13,750 (25,000 A/R-
    11,250 cash)
    Accounts Receivables $25000

    December 31, 2020 Depreciation $5,000


    Vehicle $5,000

    December 31, 2020 Revenue $1000


    Cash $1000

    December 31, 2020 Cash $500

    Electricity $500

    December 31, 2020 Prepaid Insurance $800


    Insurance $800

    HCA 221 Summer 2021


    December 31, 2020 Cash $500
    Electricity $500
    Reverse August 18th
    2020 Error

    December 31, 2020 Cash $500


    Medical Services $500
    Correcting entry for
    August 18th 2020

    December 31, 2020 Cash $6,500


    Revenue Copays $6,500
    Reverse entry for
    August 20th 2020

    December 31, 2020 Cash $5,500


    Revenue Copays $5,500
    Correcting entry for
    August 20th 2020

    Entry 1: August 20th transaction of $6,500 copay amount was recorded incorrectly. The correct amount
    is $5,500.

    Entry 2: August 18th transaction of electricity expense $500 was recorded incorrectly. The amount of
    $500 was money received for services.

    Entry 3: The insurance payment of August 19th is for one year-Sept 2020- August 2021. PREPAID
    EXPENSE. 4 months of 2020 and 8 months of 2021. $400 dollars are for this 2020 and $800 for 2021.

    HCA 221 Summer 2021

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