Wizard Health Care, Inc., is owned and operated by Dr. Chandra Rains, the sole stockholder….
Wizard Health Care, Inc., is owned and operated by Dr. Chandra Rains, the sole stockholder. During January 2007, Wizard Health Care entered into the following transactions:
Instructions Analyze and record the January transactions for Wizard Health Care, Inc., using the integrated financial statement framework. Record each transaction by date and show the balance for each item after each transaction. The January 1, 2007, balances for the balance sheet are shown below.
Adjustment data for Wizard Health Care, Inc., for January are as follows:
1. Insurance expired, $300.
2. Supplies on hand on January 31, $585.
3. Depreciation on building, $1,800.
4. Unearned rent revenue earned, $1,350.
5. Wages owed employees but not paid, $1,440.
6. Services provided but not billed to patients, $3,850.
Instructions Based upon the transactions recorded in January for Problem 3-1A, record the adjustments for January using the integrated financial statement framework.