Medical Accounts Salaries Smith, Capital +55,000 55,000 Smith, Service Rent Utilities Date Cash + Supplies + Land Payable Withdrawal + Revenue - Expense - Expense Expense July 6 +55,000 55,000 -46,000 9,000 Bal. 9 +46,000 46,000 55,000 Bal. 12 9,000 + +1,800 1,800 + +1,800 1,800 + 55,000 46,000 Bal. 15 1,800 + 55,000 9,000 + -2,600 6,400 + 1,800 + Bal. 20 46,000 -1,600 1,600 -900 -100 Bal. 1,800 + 46,000 1,800 + 55,000 900 100 +8,000 14,400 + -1,100 13,300 + 31 +8,000 8,000 1,800 + -1,100 1,800 + Bal. 31 46,000 55,000 1,600 900 100 Bal. 1,800 + 46,000 700 55,000 8,000 1,600 900 100 a. Increase asset (Cash); Increase equity (, Capital) b. Increase asset (Accounts Receivable); Increase equity (Rental Revenue) c. Increase asset (Office Furniture); Increase liability (Accounts Payable) d. Increase asset (Cash); Decrease asset (Accounts Receivable) e. Decrease asset (Cash); Decrease liability (Accounts Payable) f. Increase asset (Cash); Increase equity (Rental Revenue) g. Decrease asset (Cash); Decrease equity (Office Rent Expense) h. Decrease asset (Cash); Increase asset (Office Supplies).

Medical Accounts Salaries Smith, Capital +55,000 55,000 Smith, Service Rent Utilities Date Cash + Supplies + Land Payable Withdrawal + Revenue - Expense - Expense Expense July 6 +55,000 55,000 -46,000 9,000 Bal. 9 +46,000 46,000 55,000 Bal. 12 9,000 + +1,800 1,800 + +1,800 1,800 + 55,000 46,000 Bal. 15 1,800 + 55,000 9,000 + -2,600 6,400 + 1,800 + Bal. 20 46,000 -1,600 1,600 -900 -100 Bal. 1,800 + 46,000 1,800 + 55,000 900 100 +8,000 14,400 + -1,100 13,300 + 31 +8,000 8,000 1,800 + -1,100 1,800 + Bal. 31 46,000 55,000 1,600 900 100 Bal. 1,800 + 46,000 700 55,000 8,000 1,600 900 100 a. Increase asset (Cash); Increase equity (, Capital) b. Increase asset (Accounts Receivable); Increase equity (Rental Revenue) c. Increase asset (Office Furniture); Increase liability (Accounts Payable) d. Increase asset (Cash); Decrease asset (Accounts Receivable) e. Decrease asset (Cash); Decrease liability (Accounts Payable) f. Increase asset (Cash); Increase equity (Rental Revenue) g. Decrease asset (Cash); Decrease equity (Office Rent Expense) h. Decrease asset (Cash); Increase asset (Office Supplies).

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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