BBA financial accounting journal

 Sun Orthopedic Clinic, Inc. — General Journal


Date Account Titles and Explanation Debit ($) Credit ($)


Oct. 1 Cash 200,000 

 Capital Stock 200,000

 Issued 4,000 shares of capital stock to Dr. Soges at $50 per share.  

Oct. 4 Diagnostic Equipment 75,000 

 Cash 25,000

 Notes Payable 50,000

 Purchased diagnostic equipment; paid $25,000 cash and signed a note payable for $50,000.  

Oct. 12 Accounts Payable — Zeller Laboratories 9,000 

 Cash 9,000

 Issued check in full payment of amount owed to Zeller Laboratories.  

Oct. 19 Surgical Supplies 2,600 

 Accounts Payable 2,600

 Purchased surgical supplies on account; payment due November 28.  

Oct. 25 Cash 24,000 

 Accounts Receivable — Health One Insurance 24,000

 Collected $24,000 from Health One Insurance on outstanding receivable.  

Oct. 30 Dividends (or Retained Earnings) 300,000 

 Cash 300,000

 Declared and paid $300,000 cash dividend to stockholders.  

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