Oasis Health Care Inc. is owned and operated by Dr. George Hancock, the sole stockholder. The account balances after all of the month’s transactions were recorded appear on the first line of the integrated financial statement framework below.
Adjustment data for Oasis Health Care Inc. for January are as follows:
Insurance expired, $800.
Supplies on hand on January 31, $1,100.
Depreciation on building, $2,000.
Unearned rent revenue earned, $2,500.
Wages owed employees but not paid, $1,700.
Services provided but not billed to patients, $10,000.
Instructions:
Record the adjustments for January using the integrated financial statement framework. If an amount box does not require an entry, leave it blank. Enter account decreases and cash outflows as negative amounts.
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| Statement of Cash Flows |
Balance Sheet |
Income Statement |
| Assets |
= |
Liabilities |
+ |
Stockholders’ Equity |
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Cash |
+ |
Accounts Receivable |
+ |
Prepaid Insurance |
+ |
Supplies |
+ |
Building |
– |
Accumulated Depreciation |
+ |
Land |
= |
Accounts Payable |
+ |
Unearned Revenue |
+ |
Wages Payable |
+ |
Notes Payable |
+ |
Capital Stock |
+ |
Retained Earnings |
| Balances |
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40,500 |
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69,000 |
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4,900 |
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2,800 |
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150,000 |
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-11,200 |
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120,000 |
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6,300 |
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15,000 |
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0 |
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30,000 |
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75,000 |
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249,700 |
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| Jan. 31. |
Select Accounts receivable Cash Insurance expense Prepaid insurance No income statement account affected Item 1 |
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Jan. 31. |
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| Jan. 31. |
Select Accounts payable Retained earnings Supplies Supplies expense No income statement account affected Item 28 |
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Jan. 31. |
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| Jan. 31. |
Select Accumulated depreciation Building Depreciation expense Notes payable No income statement account affected Item 55 |
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Jan. 31. |
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| Jan. 31. |
Select Rent expense Rent revenue Retained earnings Unearned revenue No income statement account affected Item 82 |
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Jan. 31. |
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| Jan. 31. |
Select Cash Interest expense Wages expense Wages Payable No income statement account affected Item 109 |
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Jan. 31. |
| Balances |
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| Jan. 31. |
Select Accounts receivable Cash Fees earned Unearned revenue No income statement account affected Item 136 |
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Jan. 31. |
| Balances, Jan. 31 |
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| Statement of Cash Flows |
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Income Statement |
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Jan. 1. Operating |
15,000 |
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Jan. 20. |
Fees earned |
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62,000 |
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Jan. 1. Operating |
-4,200 |
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Jan. 25. |
Fees earned |
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12,900 |
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Jan. 9. Operating |
27,500 |
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Jan. 30. |
Wages expense |
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-24,000 |
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Jan. 11. Operating |
-3,000 |
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