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).
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
I have attached the table which is the sample howbto solve this problem. Als with increase asset and decrease asset
Transcribed Image Text: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).
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