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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.

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

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Chapter
Section
Chapter 1, Problem 3PB
Textbook Problem

P. Schwartz, Attorney at Law, opened his office on October 1. The account headings are presented below. Transactions completed during the month follow.

Chapter 1, Problem 3PB, P. Schwartz, Attorney at Law, opened his office on October 1. The account headings are presented

  1. a. Schwartz deposited $25,000 in a bank account in the name of the business.
  2. b. Bought office equipment on account from QuipCo, $9,670.
  3. c. Schwartz invested his personal law library, which cost $2,800.
  4. d. Paid the office rent for the month, $1,700, Ck. No. 2000.
  5. e. Bought office supplies for cash, $418, Ck. No. 2001.
  6. f. Bought insurance for two years, $944, Ck. No. 2002.
  7. g. Sold legal services for cash, $8,518.
  8. h. Paid the salary of the part-time receptionist, $1,820, Ck. No. 2003.
  9. i. Received and paid the telephone bill, $388, Ck. No. 2004.
  10. j. Received and paid the bill for utilities, $368, Ck. No. 2005.
  11. k. Sold legal services for cash, $9,260.
  12. l. Paid on account to QuipCo, $2,670, Ck. No. 2006.
  13. m. Schwartz withdrew cash for personal use, $2,500, 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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