College Accounting (Book Only): A Career Approach
13th Edition
ISBN: 9781337280570
Author: Scott, Cathy J.
Publisher: South-Western College Pub
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Textbook Question
Chapter 1, Problem 3E
Dr. L. M. Patton is an ophthalmologist. As of December 31, Dr. Patton owned the following property that related to his professional practice, Patton Eye Clinic:
Cash, $2,995
Professional Equipment, $63,000
Office Equipment, $8,450
On the same date, he owed the following business creditors:
Munez Supply Company, $3,816
Martin Equipment Sales, $3,728
Compute the following amounts in the
Assets $______ = Liabilities $______ + Owner’s Equity $______
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Dr. L. M. Patton is an ophthalmologist. As of December 31, Dr. Patton owned the following property that related to his professional practice, Patton Eye Clinic:
Cash, $2,995Professional Equipment, $63,000Office Equipment, $8,450
On the same date, he owed the following business creditors:
Munez Supply Company, $3,816Martin Equipment Sales, $3,728
Compute the following amounts in the accounting equation.
Assets $= Liabilities $ + Owner's Equity $
Mary Alexander is a sole trader who operates a small wholesale business in Kingston, Jamaica. On December 31, 2019 the following Trial Balance was extracted from her accounting records:
Details
DR
CR
Capital
350,000
Land & Building
230,500
Fixtures & Fittings
55,000
Machinery & Equipment
36,000
Debtors
28,000
Carriage Inwards
6,000
Returns
8,000
12,000
Carriage Outwards
3,500
Creditors
21,000
Purchases & Sales
82,345
260,000
Commission Received
5,500
Motor Vehicle
30,400…
Mary Alexander is a sole trader who operates a small wholesale business in Kingston, Jamaica. On December 31, 2019 the following Trial Balance was extracted from her accounting records:
Details
DR
CR
Capital
350,000
Land & Building
230,500
Fixtures & Fittings
55,000
Machinery & Equipment
36,000
Debtors
28,000
Carriage Inwards
6,000
Returns
8,000
12,000
Carriage Outwards
3,500
Creditors
21,000
Purchases & Sales
82,345
260,000
Commission Received
5,500
Motor Vehicle
30,400…
Chapter 1 Solutions
College Accounting (Book Only): A Career Approach
Ch. 1 - Prob. 1QYCh. 1 - Prob. 2QYCh. 1 - Which of the following accounts would increase...Ch. 1 - Which of the following statements is true? a....Ch. 1 - M. Parish purchased supplies on credit. What is...Ch. 1 - Define assets, liabilities, owners equity,...Ch. 1 - Prob. 2DQCh. 1 - How do Accounts Payable and Accounts Receivable...Ch. 1 - Describe two ways to increase owners equity and...Ch. 1 - What is the effect on the fundamental accounting...
Ch. 1 - When an owner withdraws cash or goods from the...Ch. 1 - Define chart of accounts and identify the...Ch. 1 - What account titles would you suggest for the...Ch. 1 - Prob. 1ECh. 1 - Determine the following amounts: a. The amount of...Ch. 1 - Dr. L. M. Patton is an ophthalmologist. As of...Ch. 1 - Describe a business transaction that will do the...Ch. 1 - Describe a transaction that resulted in each of...Ch. 1 - Label each of the following accounts as asset (A),...Ch. 1 - Describe a transaction that resulted in the...Ch. 1 - Describe the transactions that are recorded in the...Ch. 1 - On June 1 of this year, J. Larkin, Optometrist,...Ch. 1 - On July 1 of this year, R. Green established the...Ch. 1 - S. Davis, a graphic artist, opened a studio for...Ch. 1 - On March 1 of this year, B. Gervais established...Ch. 1 - In April, J. Rodriguez established an apartment...Ch. 1 - In July of this year, M. Wallace established a...Ch. 1 - In March, K. Haas, M.D., established the Haas...Ch. 1 - P. Schwartz, Attorney at Law, opened his office on...Ch. 1 - In March, T. Carter established Carter Delivery...Ch. 1 - In October, A. Nguyen established an apartment...Ch. 1 - Why Does It Matter? MACS CUSTOM CATERING, Eugene,...Ch. 1 - What Would You Say? A friend of yours wants to...Ch. 1 - Prob. 3A
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