Transaction Analysis The Dog & Cat Hospital, owned by Kate Miller, a veterinarian, opened for business on December 1 of the current year. Using the horizontal worksheet below, record the following December transactions. Total the columns to show that assets equal liabilities plus stockholders' equity as of December 31. 1. Miller opened a checking account on December 1 at Biltmore Bank in the name of The Dog & Cat Hospital and deposited $12,500 Miller received common stock for her investment. 2. Paid rent for December, $750. 3. Purchased office equipment on account, $1,450. 4. Purchased supplies for cash, $950. 5. Billed clients for services rendered, $3,650. 6. Paid secretary's salary, $975. 7. Paid $750 on account for the equipment purchased on December 3. 8. Collected $2,900 from clients previously billed for services. 9. The firm paid stockholders $1,500 cash as a dividend. Note: Use negative signs with answers, when appropriate. Liabilities Stockholders' Equity Assets + Accounts Office Accounts Common Retained Earnings + Receivable + Equipment = Payable - Expenses - Dividends Transaction Cash Supplies Stock Revenue + 1. Invested cash to begin business. 2. Paid rent. 3. Purchased office equipment. 4. Purchased supplies. 5. Billed clients for services rendered. 6. Paid secretary's salary. 7. Made partial payment on account. 8. Collected from clients previously billed. 9. Paid stockholders a dividend. TOTALS Stockholders' Assets Liabilities + Equity $4
Transaction Analysis The Dog & Cat Hospital, owned by Kate Miller, a veterinarian, opened for business on December 1 of the current year. Using the horizontal worksheet below, record the following December transactions. Total the columns to show that assets equal liabilities plus stockholders' equity as of December 31. 1. Miller opened a checking account on December 1 at Biltmore Bank in the name of The Dog & Cat Hospital and deposited $12,500 Miller received common stock for her investment. 2. Paid rent for December, $750. 3. Purchased office equipment on account, $1,450. 4. Purchased supplies for cash, $950. 5. Billed clients for services rendered, $3,650. 6. Paid secretary's salary, $975. 7. Paid $750 on account for the equipment purchased on December 3. 8. Collected $2,900 from clients previously billed for services. 9. The firm paid stockholders $1,500 cash as a dividend. Note: Use negative signs with answers, when appropriate. Liabilities Stockholders' Equity Assets + Accounts Office Accounts Common Retained Earnings + Receivable + Equipment = Payable - Expenses - Dividends Transaction Cash Supplies Stock Revenue + 1. Invested cash to begin business. 2. Paid rent. 3. Purchased office equipment. 4. Purchased supplies. 5. Billed clients for services rendered. 6. Paid secretary's salary. 7. Made partial payment on account. 8. Collected from clients previously billed. 9. Paid stockholders a dividend. TOTALS Stockholders' Assets Liabilities + Equity $4
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Transaction Analysis
The Dog & Cat Hospital, owned by Kate Miller, a veterinarian, opened for business on December 1 of the current year.
Using the horizontal worksheet below, record the following December transactions. Total the columns to show that assets equal liabilities plus stockholders' equity as of December 31.
1. Miller opened a checking account on December 1 at Biltmore Bank in the name of The Dog & Cat Hospital and deposited $12,500 Miller received common stock for her investment.
2. Paid rent for December, $750.
3. Purchased office equipment on account, $1,450.
4. Purchased supplies for cash, $950.
5. Billed clients for services rendered, $3,650.
6. Paid secretary's salary, $975.
7. Paid $750 on account for the equipment purchased on December 3.
8. Collected $2,900 from clients previously billed for services.
9. The firm paid stockholders $1,500 cash as a dividend.
Note: Use negative signs with answers, when appropriate.
Assets
Liabilities
Stockholders' Equity
+
Accounts
Office
Accounts
Common
Retained Earnings
Transaction
Cash
Receivable
Supplies
+ Equipment
Payable
Stock
Revenue
Expenses
Dividends
+
+
+
+
1. Invested cash to begin business.
2. Paid rent.
3. Purchased office equipment.
4. Purchased supplies.
5. Billed clients for services rendered.
6. Paid secretary's salary.
7. Made partial payment on account.
8. Collected from clients previously billed.
9. Paid stockholders a dividend.
ТОTALS
Stockholders'
Assets
Liabilities
Equity
$
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