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S. Myers, a speech therapist, opened a clinic in the name of Myers Clinic. Her accountant prepared the following chart of accounts: The following transactions occurred during June of this year: a. Myers deposited $40,000 in a bank account in the name of the business. b. Bought waiting room chairs and tables on account, $1,330. c. Bought a fax/copier/scanner combination from Max’s Equipment for $595, paying $200 in cash and placing the balance on account, Ck. No. 1001. d. Bought an intercom system on account from Regan Office Supply, $375. e. Received and paid the telephone bill, $155, Ck. No. 1002. f. Sold professional services on account, $1,484. g. Received and paid the electric bill, $190, Ck. No. 1003. h. Received and paid the bill for the state speech therapy convention, $450, Ck. No. 1004. i. Sold professional services for cash, $2,575. j. Paid on account to Regan Office Supply, $300, Ck. No. 1005. k. Paid the rent for the current month, $940, Ck. No. 1006. l. Paid salary of the receptionist, $880, Ck. No. 1007. m. Myers withdrew cash for personal use, $800, Ck. No. 1008. n. Received $885 on account from patients who were previously billed. Required 1. Record the owner’s name in the Capital and Drawing T accounts. 2. Correctly place the plus and minus signs for each T account and label the debit and credit sides of the accounts. 3. Record the transactions in the T accounts. Write the letter of each entry to identify the transaction. 4. Foot the T accounts and show the balances. 5. Prepare a trial balance as of June 30, 20--. 6. Prepare an income statement for June 30, 20--. 7. Prepare a statement of owner’s equity for June 30, 20--. 8. Prepare a balance sheet as of June 30, 20--.

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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 2, Problem 3PA
Textbook Problem

S. Myers, a speech therapist, opened a clinic in the name of Myers Clinic. Her accountant prepared the following chart of accounts:

Chapter 2, Problem 3PA, S. Myers, a speech therapist, opened a clinic in the name of Myers Clinic. Her accountant prepared

The following transactions occurred during June of this year:

  1. a. Myers deposited $40,000 in a bank account in the name of the business.
  2. b. Bought waiting room chairs and tables on account, $1,330.
  3. c. Bought a fax/copier/scanner combination from Max’s Equipment for $595, paying $200 in cash and placing the balance on account, Ck. No. 1001.
  4. d. Bought an intercom system on account from Regan Office Supply, $375.
  5. e. Received and paid the telephone bill, $155, Ck. No. 1002.
  6. f. Sold professional services on account, $1,484.
  7. g. Received and paid the electric bill, $190, Ck. No. 1003.
  8. h. Received and paid the bill for the state speech therapy convention, $450, Ck. No. 1004.
  9. i. Sold professional services for cash, $2,575.
  10. j. Paid on account to Regan Office Supply, $300, Ck. No. 1005.
  11. k. Paid the rent for the current month, $940, Ck. No. 1006.
  12. l. Paid salary of the receptionist, $880, Ck. No. 1007.
  13. m. Myers withdrew cash for personal use, $800, Ck. No. 1008.
  14. n. Received $885 on account from patients who were previously billed.

Required

  1. 1. Record the owner’s name in the Capital and Drawing T accounts.
  2. 2. Correctly place the plus and minus signs for each T account and label the debit and credit sides of the accounts.
  3. 3. Record the transactions in the T accounts. Write the letter of each entry to identify the transaction.
  4. 4. Foot the T accounts and show the balances.
  5. 5. Prepare a trial balance as of June 30, 20--.
  6. 6. Prepare an income statement for June 30, 20--.
  7. 7. Prepare a statement of owner’s equity for June 30, 20--.
  8. 8. Prepare a balance sheet as of June 30, 20--.

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Chapter 2 Solutions

College Accounting (Book Only): A Career Approach
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