Working Papers with Study Guide for Scott's College Accounting: A Career Approach, 13th
13th Edition
ISBN: 9781337280617
Author: Scott, Cathy J.
Publisher: Cengage Learning
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Textbook Question
Chapter 1, Problem 2PB
In March, K. Haas, M.D., established the Haas Sports Injury Clinic. The clinic’s account headings are presented below. Transactions completed during the month of March follow.
- a. Haas deposited $48,000 in a bank account in the name of the business.
- b. Paid the rent for the month, $2,200, Ck. No. 1000.
- c. Bought supplies for cash from Medco Co., $2,138.
- d. Bought professional equipment on account from Med-Tech Company, $18,000.
- e. Bought office equipment on account from Equipment Depot, $1,955.
- f. Sold professional services for cash, $8,960.
- g. Paid on account to Med-Tech Company, $3,000, Ck. No. 1001.
- h. Received and paid the bill for utilities, $472, Ck. No. 1002.
- i. Paid the salary of the assistant, $1,738, Ck. No. 1003.
- j. Sold professional services for cash, $10,196.
- k. Haas withdrew cash for personal use, $3,500, Ck. No. 1004
Required
- 1. Record the transactions and the balance after each transaction.
- 2. Total the left side of the
accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
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Chapter 1 Solutions
Working Papers with Study Guide for Scott's College Accounting: A Career Approach, 13th
Ch. 1 - Prob. 1QYCh. 1 - Prob. 2QYCh. 1 - Which of the following accounts would increase...Ch. 1 - Which of the following statements is true? a....Ch. 1 - M. Parish purchased supplies on credit. What is...Ch. 1 - Define assets, liabilities, owners equity,...Ch. 1 - Prob. 2DQCh. 1 - How do Accounts Payable and Accounts Receivable...Ch. 1 - Describe two ways to increase owners equity and...Ch. 1 - What is the effect on the fundamental accounting...
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