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Transactions: 1. Paid cash for rent, $500.00. 2. Received cash from owner as an investment, $700.00. 3. Paid cash for telephone bill, $75.00. 4. Received cash from sales, $1,050.00. 5. Bought supplies on account from Paws & Claws Co., $275.00. 6. Sold services on account to Dr. Shephard, $285.00. 7. Paid cash for advertising, $450.00. 8. Paid cash for supplies, $185.00.

Transactions: 1. Paid cash for rent, $500.00. 2. Received cash from owner as an investment, $700.00. 3. Paid cash for telephone bill, $75.00. 4. Received cash from sales, $1,050.00. 5. Bought supplies on account from Paws & Claws Co., $275.00. 6. Sold services on account to Dr. Shephard, $285.00. 7. Paid cash for advertising, $450.00. 8. Paid cash for supplies, $185.00.

FINANCIAL ACCOUNTING
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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Read the instruction properly then fill in the column with appropriate numbers
Peter Gentry operates a service business called Doggywood Pet Suites. Doggywood Pet Suites uses the accounts shown in the following accounting equation. Use the form in your Working Papers to complete this problem. Trans No. Beg. Bal 1 New Bal 2 Cash 2,500 -500 2,000 Assets Accts. Rec.- Prepaid + Dr. Shephard + Supplies + Insurance = 200 100 0 200 100 Liabilities Accts. Pay.- Paws & Claws Co. 1,300 1,300 5. Bought supplies on account from Paws & Claws Co., $275.00. 6. Sold services on account to Dr. Shephard, $285.00. 7. Paid cash for advertising, $450.00. 8. Paid cash for supplies, $185.00. + Owner's Equity + Peter Gentry, Capital 1,500 -500 (expense) 1,000 Instructions: For each transaction, complete the following. Transaction 1 is given as an example. a. Analyze the transaction to determine which accounts in the accounting equation are affected. b. Write the amount in the appropriate columns, using a plus sign (+) if the account increases or a minus sign (-) i the account decreases. c. For transactions that change owner's equity, write in parentheses a description of the transaction to the right of the amount. d. Calculate the new balance for each account in the accounting equation. e. Before going on to the next transaction, determine that the accounting equation is still in balance. Transactions: 1. Paid cash for rent, $500.00. 2. Received cash from owner as an investment, $700.00. 3. Paid cash for telephone bill, $75.00. 4. Received cash from sales, $1,050.00.
Transcribed Image Text:Peter Gentry operates a service business called Doggywood Pet Suites. Doggywood Pet Suites uses the accounts shown in the following accounting equation. Use the form in your Working Papers to complete this problem. Trans No. Beg. Bal 1 New Bal 2 Cash 2,500 -500 2,000 Assets Accts. Rec.- Prepaid + Dr. Shephard + Supplies + Insurance = 200 100 0 200 100 Liabilities Accts. Pay.- Paws & Claws Co. 1,300 1,300 5. Bought supplies on account from Paws & Claws Co., $275.00. 6. Sold services on account to Dr. Shephard, $285.00. 7. Paid cash for advertising, $450.00. 8. Paid cash for supplies, $185.00. + Owner's Equity + Peter Gentry, Capital 1,500 -500 (expense) 1,000 Instructions: For each transaction, complete the following. Transaction 1 is given as an example. a. Analyze the transaction to determine which accounts in the accounting equation are affected. b. Write the amount in the appropriate columns, using a plus sign (+) if the account increases or a minus sign (-) i the account decreases. c. For transactions that change owner's equity, write in parentheses a description of the transaction to the right of the amount. d. Calculate the new balance for each account in the accounting equation. e. Before going on to the next transaction, determine that the accounting equation is still in balance. Transactions: 1. Paid cash for rent, $500.00. 2. Received cash from owner as an investment, $700.00. 3. Paid cash for telephone bill, $75.00. 4. Received cash from sales, $1,050.00.
9. Received cash on account from Dr. Shephard, $150.00. 10. Paid cash on account to Paws & Claws Co., $200.00. 11. Paid cash for one month of insurance, $100.00. 12. Received cash from sales, $475.00. 13. Owner withdrew equity in the form of cash, $800.00.
Transcribed Image Text:9. Received cash on account from Dr. Shephard, $150.00. 10. Paid cash on account to Paws & Claws Co., $200.00. 11. Paid cash for one month of insurance, $100.00. 12. Received cash from sales, $475.00. 13. Owner withdrew equity in the form of cash, $800.00.
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