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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. 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.

BuyFind

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570
BuyFind

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570

Solutions

Chapter
Section
Chapter 1, Problem 2PA
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.

Required

  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.

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