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 3PB
P. Schwartz, Attorney at Law, opened his office on October 1. The account headings are presented below. Transactions completed during the month follow.
- a. Schwartz deposited $25,000 in a bank account in the name of the business.
- b. Bought office equipment on account from QuipCo, $9,670.
- c. Schwartz invested his personal law library, which cost $2,800.
- d. Paid the office rent for the month, $1,700, Ck. No. 2000.
- e. Bought office supplies for cash, $418, Ck. No. 2001.
- f. Bought insurance for two years, $944, Ck. No. 2002.
- g. Sold legal services for cash, $8,518.
- h. Paid the salary of the part-time receptionist, $1,820, Ck. No. 2003.
- i. Received and paid the telephone bill, $388, Ck. No. 2004.
- j. Received and paid the bill for utilities, $368, Ck. No. 2005.
- k. Sold legal services for cash, $9,260.
- l. Paid on account to QuipCo, $2,670, Ck. No. 2006.
- m. Schwartz withdrew cash for personal use, $2,500, 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.
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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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