Using T accounts to record transactions involving revenues and expenses. The following occurred during June at Hicks Family Counseling. INSTRUCTIONS Analyze each transaction. Use T accounts to record these transactions and be sure to put the name of the account on the top of each account. Record the effects of the transaction in the T accounts. Use plus and minus signs before the amounts to show the increases and decreases. TRANSACTIONS 1. Purchased office supplies for $6,000 in cash. 2. Delivered monthly statements; collected fee income of $52,000. 3. Paid the current month's office rent of $10,000. 4. Completed professional counseling; billed client for $8,000. 5. Client paid fee of $4,000 for weekly counseling, previously billed. 6. Paid office salaries of $9,200. 7. Paid telephone bill of $1.160. 8. Billed client for $6,000 fee for preparing a counseling evaluation. 9. Purchased office supplies of $2,200 on account. 10. Paid office salaries of $9,200. 11. Collected $6,000 from client who was billed. 12. Clients paid a total of $18,200 cash in fees. Problem 3.3A Objectives 3-2, 3-4

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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Question
Using T accounts to record transactions involving
revenues and expenses.
The following occurred during June at Hicks Family Counseling.
INSTRUCTIONS
Analyze each transaction. Use T accounts to record these transactions and be sure to put the name of
the account on the top of each account. Record the effects of the transaction in the T accounts. Use
plus and minus signs before the amounts to show the increases and decreases.
TRANSACTIONS
1. Purchased office supplies for $6,000 in cash.
2. Delivered monthly statements; collected fee income of $52,000.
3. Paid the current month's office rent of $10,000.
4. Completed professional counseling; billed client for $8,000.
5. Client paid fee of $4,000 for weekly counseling, previously billed.
6. Paid office salaries of $9,200.
7. Paid telephone bill of $1.160.
8. Billed client for $6,000 fee for preparing a counseling evaluation.
9. Purchased office supplies of $2,200 on account.
10. Paid office salaries of $9,200.
11. Collected $6,000 from client who was billed.
12. Clients paid a total of $18,200 cash in fees.
Problem 3.3A
Objectives 3-2, 3-4
Transcribed Image Text:Using T accounts to record transactions involving revenues and expenses. The following occurred during June at Hicks Family Counseling. INSTRUCTIONS Analyze each transaction. Use T accounts to record these transactions and be sure to put the name of the account on the top of each account. Record the effects of the transaction in the T accounts. Use plus and minus signs before the amounts to show the increases and decreases. TRANSACTIONS 1. Purchased office supplies for $6,000 in cash. 2. Delivered monthly statements; collected fee income of $52,000. 3. Paid the current month's office rent of $10,000. 4. Completed professional counseling; billed client for $8,000. 5. Client paid fee of $4,000 for weekly counseling, previously billed. 6. Paid office salaries of $9,200. 7. Paid telephone bill of $1.160. 8. Billed client for $6,000 fee for preparing a counseling evaluation. 9. Purchased office supplies of $2,200 on account. 10. Paid office salaries of $9,200. 11. Collected $6,000 from client who was billed. 12. Clients paid a total of $18,200 cash in fees. Problem 3.3A Objectives 3-2, 3-4
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