College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570



College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
ISBN: 9781337280570
Textbook Problem

On July 1 of this year, R. Green established the Green Rehab Clinic. The organization’s account headings are presented below. Transactions completed during the month of July follow.

  1. a. Green deposited $30,000 in a bank account in the name of the business.
  2. b. Paid the office rent for the month, $1,800, Ck. No. 2001.
  3. c. Bought supplies for cash, $362, Ck. No. 2002.
  4. d. Bought professional equipment on account from Rehab Equipment Company, $18,000.
  5. e. Bought office equipment from Hi-Tech Computers, $2,890, paying $890 in cash and placing the balance on account, Ck. No. 2003.
  6. f. Sold professional services for cash, $4,600.
  7. g. Paid on account to Rehab Equipment Company, $700, Ck. No. 2004.
  8. h. Received and paid the bill for utilities, $367, Ck. No. 2005.
  9. i. Paid the salary of the assistant, $1,150, Ck. No. 2006.
  10. j. Sold professional services for cash, $3,868.
  11. k. Green withdrew cash for personal use, $1,800, Ck. No. 2007.


  1. 1. Record the transactions and the balance after each transaction.
  2. 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.


To determine

Record the figures in the given transactions for the respective accounts, and balance the figures after recording every transaction.


Transaction: The economic event which brings about any changes in the financial items of a business and can be measured in the monetary units is referred to as a transaction.

Accounting equation: Accounting equation is a concept expressed in the form of equation, which creates a relation between resources or assets of a company and claims of resources to creditors and owners. Fundamental accounting equation is expressed as shown below:

Assets = Liabilities + Owners' EquityAssets = Liabilities+{(Owners' Capital


To determine

Sum the balances of accounts to verify whether the balances on left side and on the right side in the accounting equation are equal.

Still sussing out bartleby?

Check out a sample textbook solution.

See a sample solution

The Solution to Your Study Problems

Bartleby provides explanations to thousands of textbook problems written by our experts, many with advanced degrees!

Get Started

Additional Business Solutions

Find more solutions based on key concepts

Show solutions add

What are the levels of data hierarchy?

Accounting Information Systems

Why must researchers document their sources meticuousIy?

Essentials of Business Communication (MindTap Course List)

Why must a signature card be filled out and signed to open a checking account?

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

RESIDUAL DIVIDEND MODEL Welch Company is considering three independent projects, each of which requires a 5 mil...

Fundamentals of Financial Management, Concise Edition (with Thomson ONE - Business School Edition, 1 term (6 months) Printed Access Card) (MindTap Course List)

What is the role of accounting in business?

Survey of Accounting (Accounting I)