S. Wallace, a speech therapist, opened a clinic in the name of Wallace Clinic. Her accountant prepared the following alphabetic listing of the accounts and balance as of June 30, 20--:ACCOUNT NAMEBALANCEAccounts Payable2,865Accounts Receivable1,10251,693CashMiscellaneous ExpenseOffice EquipmentOffice FurnitureProfessional FeesRent ExpenseS. Wallace, CapitalS. Wallace, DrawingACCOUNT NAME720CREDIT2,0001,8005,95299052,000Salary ExpenseUtilities ExpenseAll the above accounts have normal balances.Prepare a trial balance as of June 30, 20--. List all the accounts in the proper order as described in the textbook. If no amount is required, leave the entry box blank.Wallace ClinicTrial BalanceJune 30, 20--DEBIT9201,120472

The trial balance is prepared to record the final balance of each account of the business. The…

Wallace, a speech therapist, opened a clinic in the name of Wallace Clinic. Her accountant prepared the following alphabetic listing of the accounts and balance as of June 30, 2 CCOUNT NAME BALANCE counts Payable counts Receivable sh scellaneous Expense fice Equipment fice Furniture ofessional Fees nt Expense Wallace, Capital Wallace, Drawing lary Expense slities Expense the above accounts have normal balances. ACCOUNT NAME 2,865 DEBIT CREDIT 1,102 51,693 720 2,000 1,800 5,952 990 52,000 920 1,120 pare a trial balance as of June 30, 20--. List all the accounts in the proper order as described in the textbook. If no amount is required, leave the entry box blank. Wallace Clinic Trial Balance June 30, 20-- 472

Wallace, a speech therapist, opened a clinic in the name of Wallace Clinic. Her accountant prepared the following alphabetic listing of the accounts and balance as of June 30, 2 CCOUNT NAME BALANCE counts Payable counts Receivable sh scellaneous Expense fice Equipment fice Furniture ofessional Fees nt Expense Wallace, Capital Wallace, Drawing lary Expense slities Expense the above accounts have normal balances. ACCOUNT NAME 2,865 DEBIT CREDIT 1,102 51,693 720 2,000 1,800 5,952 990 52,000 920 1,120 pare a trial balance as of June 30, 20--. List all the accounts in the proper order as described in the textbook. If no amount is required, leave the entry box blank. Wallace Clinic Trial Balance June 30, 20-- 472

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts

Section: Chapter Questions

Problem 1PA: On June 1 of this year, J. Larkin, Optometrist, established the Larkin Eye Clinic. The clinics...

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On June 1 of this year, J. Larkin, Optometrist, established the Larkin Eye Clinic. The clinics account names are presented below. Transactions completed during the month follow. a. Larkin deposited 25,000 in a bank account in the name of the business. b. Paid the office rent for the month, 950, Ck. No. 1001 (Rent Expense). c. Bought supplies for cash, 357, Ck. No. 1002. d. Bought office equipment on account from NYC Office Equipment Store, 8,956. e. Bought a computer from Wardens Office Outfitters, 1,636, paying 750 in cash and placing the balance on account, Ck. No. 1003. f. Sold professional services for cash, 3,482 (Professional Fees). g. Paid on account to Wardens Office Outfitters, 886, Ck. No. 1004. h. Received and paid the bill for utilities, 382, Ck. No. 1005 (Utilities Expense). i. Paid the salary of the assistant, 1,050, Ck. No. 1006 (Salary Expense). j. Sold professional services for cash, 3,295 (Professional Fees). k. Larkin withdrew cash for personal use, 1,250, Ck. No. 1007. Required 1. In the equation, write the owners name above the terms Capital and Drawing. 2. Record the transactions and the balance after each transaction. Identify the account affected when the transaction involves revenues or expenses. 3. Write the account totals from the left side of the equals sign and add them. Write the account totals from the right side of the equals sign and add them. If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
S. Myers, a speech therapist, opened a clinic in the name of Myers Clinic. Her accountant prepared the following chart of accounts: The following transactions occurred during June of this year: a. Myers deposited 40,000 in a bank account in the name of the business. b. Bought waiting room chairs and tables on account, 1,330. c. Bought a fax/copier/scanner combination from Maxs Equipment for 595, paying 200 in cash and placing the balance on account, Ck. No. 1001. d. Bought an intercom system on account from Regan Office Supply, 375. e. Received and paid the telephone bill, 155, Ck. No. 1002. f. Sold professional services on account, 1,484. g. Received and paid the electric bill, 190, Ck. No. 1003. h. Received and paid the bill for the state speech therapy convention, 450, Ck. No. 1004. i. Sold professional services for cash, 2,575. j. Paid on account to Regan Office Supply, 300, Ck. No. 1005. k. Paid the rent for the current month, 940, Ck. No. 1006. l. Paid salary of the receptionist, 880, Ck. No. 1007. m. Myers withdrew cash for personal use, 800, Ck. No. 1008. n. Received 885 on account from patients who were previously billed. Required 1. Record the owners name in the Capital and Drawing T accounts. 2. Correctly place the plus and minus signs for each T account and label the debit and credit sides of the accounts. 3. Record the transactions in the T accounts. Write the letter of each entry to identify the transaction. 4. Foot the T accounts and show the balances. 5. Prepare a trial balance as of June 30, 20--. 6. Prepare an income statement for June 30, 20--. 7. Prepare a statement of owners equity for June 30, 20--. 8. Prepare a balance sheet as of June 30, 20--.
On June 1 of this year, J. Larkin, Optometrist, established the Larkin Eye Clinic. The clinics account names are presented below. Transactions completed during the month follow. a. Larkin deposited 25,000 in a bank account in the name of the business. b. Paid the office rent for the month, 950, Ck. No. 1001. c. Bought supplies for cash, 357, Ck. No. 1002. d. Bought office equipment on account from NYC Office Equipment Store, 8,956. e. Bought a computer from Wardens Office Outfitters, 1,636, paying 750 in cash and placing the balance on account, Ck. No. 1003. f. f. Sold professional services for cash, 3,482. g. Paid on account to Wardens Office Outfitters, 886, Ck. No. 1004. h. Received and paid the bill for utilities, 382, Ck. No. 1005. i. Paid the salary of the assistant, 1,050, Ck. No. 1006. j. Sold professional services for cash, 3,295. k. Larkin withdrew cash for personal use, 1,250, Ck. No. 1007. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
On July 1 of this year, R. Green established the Green Rehab Clinic. The organizations account headings are presented below. Transactions completed during the month of July follow. a. Green deposited 30,000 in a bank account in the name of the business. b. Paid the office rent for the month, 1,800, Ck. No. 2001. c. Bought supplies for cash, 362, Ck. No. 2002. d. Bought professional equipment on account from Rehab Equipment Company, 18,000. e. Bought office equipment from Hi-Tech Computers, 2,890, paying 890 in cash and placing the balance on account, Ck. No. 2003. f. Sold professional services for cash, 4,600. g. Paid on account to Rehab Equipment Company, 700, Ck. No. 2004. h. Received and paid the bill for utilities, 367, Ck. No. 2005. i. Paid the salary of the assistant, 1,150, Ck. No. 2006. j. Sold professional services for cash, 3,868. k. Green withdrew cash for personal use, 1,800, Ck. No. 2007. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
Below is the trial balance which was extracted from the books of the business on June 30, the end of the company’s financial year. As a group, you are required to collaborate and analyze the problem at hand then apply the accrual basis of accounting in the preparation of the company’s financial statements. Ready Hospital Supplies Trial Balance as at June 30, 2020 Dr $ Cr $ Cash 127,000 Accounts Receivable 151,000 Allowance for Bad-Debts 12,500 Merchandise Inventory 187,500 Store Supplies 58,000 Prepaid Insurance 72,000 Prepaid Rent 56,000 Furniture & Fixtures 800,000 Accumulated Depreciation: Furniture & Fixtures 256,000 Computer Equipment 450,000 Accumulated Depreciation: Computer Equipment Accounts Payable 133,500 Salaries Payable Interest Payable 27,000 Unearned Sales Revenue 82,000 Long-Term Loan…
jue Jantz started a business in August 20-- called Jantz Plumbing Service. The trial balance showing balances for the month of August are shown. Jantz Plumbing ServiceUNADJUSTED TRIAL BALANCEAugust 31, 20-- ACCOUNT TITLEDEBITCREDIT1Cash20,200.00 2Accounts Receivable2,700.00 3Office Supplies300.00 4Prepaid Insurance800.00 5Plumbing Equipment6,000.00 6Van8,000.00 7Accounts Payable 4,500.008Sue Jantz, Capital 30,000.009Sue Jantz, Drawing3,000.00 10Service Fees 9,800.0011Rent Expense700.00 12Wages Expense500.00 13Phone Expense100.00 14Advertising Expense2,000.00 15Totals44,300.0044,300.00 Required: Determine the following information. Use the format provided below. 1.a.Total revenue for the month b.Total expenses for the month c.Net income for the month2.a.Sue Jantz’s original investment in the business + Net income for the month - Owner’s drawing Increase (decrease) in capital = Ending owner’s equity
S. Marion, a speech therapist, opened a clinic in the name of Marion Clinic. Her accountant prepared the following chart of accounts: Assets Revenue Cash Professional Fees Accounts Receivable Office Equipment Expenses Office Furniture Salary Expense Rent Expense Liabilities Utilities Expense Accounts Payable Miscellaneous Expense Owner's Equity S. Marion, Capital S. Marion, Drawing The following transactions occurred during June of this year: Marion deposited $46,000 in a bank account in the name of the business. Bought waiting room chairs and tables (Office Furniture) on account, $1,500. Bought a fax/copier/scanner combination (Office Equipment) from Max's Equipment for $1,000, paying $395 in cash and placing the balance on account, Ck. No. 1001. Bought an intercom system (Office Equipment) on account from Regan Office Supply, $550. Received and paid the telephone bill, $220, Ck. No. 1002. Sold professional services on account, $1,764.…
Bill Smithson runs a second-hand furniture business from a shop which he rents. He does notkeep complete accounting records, but is able to provide you with the following information about his financial position at 1 April 20X8: Inventories of furniture 3,210 Trade receivables 2,643, Trade payables 1,598, Motor vehicle 5,100, Shop fittings 4,200, Motor vehicle expenses owing 432He has also provided the following summary of his bank account for the year ended 31 March 20X9: Balance at 1 Apr 20X8 2,420, Payments of trade creditors 22,177, Receipts from trade debtor 44,846 Electricity 1,090Cash sales 3,921 Telephone 360 Rent 2,000 Advertising 1,430 Shop fittings 2,550Insurance 946 Motor vehicle expenses 2,116Drawings 16,743 Balance at 31 Mar 20X9 1,775 51,18751,187 You required to find that the following must also be considered: Depreciation is to be written off the motor vehicle at 20% and off the shop Fittings at 10%, calculated on the book values at 1 April 20X8 plus additions during…
On May 1, 2018, Ma Concepcion Manalo established the Manalo Rehab Clinic. Transactions completed during the month of July follow: a. Manalo deposited P150,000 in a bank account in the name of the business. b. Paid office rent for the month P11,000. c. Bought supplies for cash , P2,750. d. Bought professional equipment on account from J. Perez Equipment, P142,000. e. Bought office equipment from S. Lacorte Computers, P18,700, paying P8,700 in cash and the remaining balance on account. f. Performed professional services for cash, P32,800. g. Paid accounts to S. Lacorte Computers, P5,000 h. Received and paid the bill for the utilities, P2,830 i. Paid salaries of the part-time assistants, P10,000 j. Performed professional services for cash, P37,250 k. Manalo withdrew cash for personal use, P16,000 Record the transactions for the month of July 2018 using a financial transaction worksheet. Use the following accounts: cash, account receivable, professional equipment, office equipment,…
Katie's Wedding Planning Service completed the following transactions: a. Billed clients for service, $1,250. b. Completed work for clients who paid $500 cash. c. Received a bill for utilities to be paid later, $120. d. Collected cash on account from clients, $700. e. Paid the amount due for utilities. f. Withdrew $500 cash for personal use. Required: Record the above transactions in the expanded accounting equation. Note that the items have beginning balances. Katie's Wedding Planning Service ASSETS = LIAB. OWNER'S EQUITY Cash + Accts.Rec. = Accts Payable Katie, Capital +Rev. -Exp. -Katie, With. beg. $ 800 $ 85 = $300 $235 $ 900 $400 $150 a. b. c. d. e. f. Total
On June 1 of this year, J. Larkin, Optometrist, established the Larkin Eye Clinic. The clinic's account names are presented below. Transactions completed during the month follow. Larkin deposited $20,000 in a bank account in the name of the business. Paid the office rent for the month, $980, Ck. No. 1001 (Rent Expense). Bought supplies for cash, $420, Ck. No. 1002. Bought office equipment on account from NYC Office Equipment Store, $7,160. Bought a computer from Warden's Office Outfitters, $1,730, paying $800 in cash and placing the balance on account, Ck. No. 1003. Sold professional services for cash, $4,310 (Professional Fees). Paid on account to Warden's Office Outfitters, $930, Ck. No. 1004. Received and paid the bill for utilities, $450, Ck. No. 1005 (Utilities Expense). Paid the salary of the assistant, $1,230, Ck. No. 1006 (Salary Expense). Sold professional services for cash, $3,330 (Professional Fees). Larkin withdrew cash for personal use, $1,900, Ck. No. 1007. Record the…
Stylist Services Co. Offers it's services to individuals desiring to improve their personal images. After the accounts have been adjusted at July 31, the end of the fiscal year , the following balances were taken from the Ledger of Stylist Services Co. Marlena Fenton, Capital $ 930,000 Marlena Fenton, Drawing 12,000 Fees earned 520,000 Wages expense 488,000 Rent Expense 70,000 Supplies expense 11,100 Miscellaneous expense 14,300 Required: Journalize the two entries required to close the accounts.