4. (P-2A)- Use Blank Accounting Equation Template 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. Assets = Liabilities + Owner's Equity Office Professional Accounts Cash + Supplies + Equipment + Equipment - Payable + Capital Drawing +Revenue Expenses 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 (Rent Expense). 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 (Professional Fees). g. Paid on account to Rehab Equipment Company, $700, Ck. No. 2004. h. Received and paid the bill for utilities, $367, Ck. No. 2005 (Utilities Expense). i. Paid the salary of the assistant, $1,150, Ck. No. 2006 (Salary Expense). j. Sold professional services for cash, $3,868 (Professional Fees). k. Green withdrew cash for personal use, $1,800, Ck. No. 2007. Required: 1. Record the transactions and the balance after each transaction. 2. After all transactions have been entered, enter the total assets and the total liabilities plus owner's equity in the entry boxes below the transactions. If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction. If an amount box does not require an entry, leave it blank or enter "O". Enter increases to accounts as positive amounts and decreases to accounts as negative amounts.
4. (P-2A)- Use Blank Accounting Equation Template 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. Assets = Liabilities + Owner's Equity Office Professional Accounts Cash + Supplies + Equipment + Equipment - Payable + Capital Drawing +Revenue Expenses 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 (Rent Expense). 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 (Professional Fees). g. Paid on account to Rehab Equipment Company, $700, Ck. No. 2004. h. Received and paid the bill for utilities, $367, Ck. No. 2005 (Utilities Expense). i. Paid the salary of the assistant, $1,150, Ck. No. 2006 (Salary Expense). j. Sold professional services for cash, $3,868 (Professional Fees). k. Green withdrew cash for personal use, $1,800, Ck. No. 2007. Required: 1. Record the transactions and the balance after each transaction. 2. After all transactions have been entered, enter the total assets and the total liabilities plus owner's equity in the entry boxes below the transactions. If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction. If an amount box does not require an entry, leave it blank or enter "O". Enter increases to accounts as positive amounts and decreases to accounts as negative amounts.
Financial Accounting
15th Edition
ISBN:9781337272124
Author:Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:Carl Warren, James M. Reeve, Jonathan Duchac
Chapter4: Completing The Accounting Cycle
Section: Chapter Questions
Problem 5CP
Related questions
Question
Transcribed Image Text:4. (P-2A)- Use Blank Accounting Equation Template
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.
Assets
= Liabilities +
Owner's Equity
Office
Professional
Accounts
Cash + Supplies + Equipment + Equipment -
Payable + Capital
Drawing +Revenue
Expenses
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 (Rent Expense).
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 (Professional Fees).
g. Paid on account to Rehab Equipment Company, $700, Ck. No. 2004.
h. Received and paid the bill for utilities, $367, Ck. No. 2005 (Utilities Expense).
i. Paid the salary of the assistant, $1,150, Ck. No. 2006 (Salary Expense).
j. Sold professional services for cash, $3,868 (Professional Fees).
k. Green withdrew cash for personal use, $1,800, Ck. No. 2007.
Required:
1. Record the transactions and the balance after each transaction.
2. After all transactions have been entered, enter the total assets and the total
liabilities plus owner's equity in the entry boxes below the transactions. If the two
totals are not equal, check the addition and subtraction. If you still cannot find the
error, re-analyze each transaction. If an amount box does not require an entry,
leave it blank or enter "O". Enter increases to accounts as positive amounts and
decreases to accounts as negative amounts.
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