08 Mar Problem 1-8AIzabela Ivanhoe opened a medical offic
Problem 1-8AIzabela Ivanhoe opened a medical office under the name Izabela Ivanhoe, MD, on August 1, 2017. On August 31, the balance sheet showed Cash $3,000; Accounts Receivable $1,500; Supplies $600; Equipment $7,500; Accounts Payable $5,500; Note Payable $3,000; and I. Ivanhoe, Capital, $4,100. During September, the following transactions occurred: Sept. 4 Collected $850 of accounts receivable. 5 Provided services of $10,500, of which $7,700 was collected from patients and the remainder was on account. 7 Paid $2,000 on accounts payable. 12 Purchased additional equipment for $2,300, paying $800 cash and leaving the balance on account. 15 Paid salaries, $4,000; rent for August, $1,900; and advertising expenses, $275. 18 Collected the balance of the accounts receivable from August 31. 20 Withdrew $750 for personal use. 26 Borrowed $2,600 from the Bank of Montreal on a note payable. 28 Signed a contract to provide medical services, not covered under the government health plan, to employees of CRS Corp. in October for $5,100. CRS Corp. will pay the amount owing after the medical services have been provided. 29 Received the telephone bill for September, $285. 30 Billed the government $10,600 for services provided to patients in September.
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