Purchased office supplies for $3,000 in cash. Delivered monthly statements, collected fee income of $26,000. Paid...
- Purchased office supplies for $3,000 in cash.
- Delivered monthly statements, collected fee income of $26,000.
- Paid the current month’s office rent of $5,000.
- Completed professional counseling, billed client for $4,000.
- Client paid fee of $2,000 for weekly counseling, previously billed.
- Paid office salaries of $4,600.
- Paid telephone bill of $580.
- Billed client for $3,000 fee for preparing a counseling evaluation.
- Purchased office supplies of $1,100 on account.
- Paid office salaries of $4,600.
- Collected $3,000 from client who was billed.
- Clients paid a total of $9,100 cash in fees.
How much cash did the business spend during the month? T accounts normally do not have any minus signs. Use minus signs in this problem to demonstrate your understanding of decreases to account balances.
Homework Answers
Expenses and assets have debit balance thus on left side (debit) they will increase and on the right side (Credit they decrease and opposite is the case with the revenues and liabilities.
1. Purchased office supplies for $3,000 in cash.
|
Office supplies |
|
|
+3000 |
|
Cash |
|
|
-3000 |
2. Delivered monthly statements, collected fee income of $26,000.
|
Cash |
|
|
+26000 |
|
Fees income |
|
|
+26000 |
3. Paid the current month’s office rent of $5,000.
|
Rent expense |
|
|
+5000 |
|
Cash |
|
|
-5000 |
4. Completed professional counseling, billed client for $4,000.
|
Accounts receivable |
|
|
+4000 |
|
Fees income |
|
|
+4000 |
5. Client paid fee of $2,000 for weekly counseling, previously billed.
|
Cash |
|
|
+2000 |
|
Accounts receivable |
|
|
-2000 |
6. Paid office salaries of $4,600.
|
Salaries expense |
|
|
+4600 |
|
cash |
|
|
-4600 |
7. Paid telephone bill of $580.
|
Telephone expense |
|
|
+580 |
|
cash |
|
|
-580 |
8. Billed client for $3,000 fee for preparing a counseling evaluation.
|
Accounts receivable |
|
|
+3000 |
|
Fees income |
|
|
+3000 |
9. Purchased office supplies of $1,100 on account.
|
Office supplies |
|
|
+1100 |
|
Accounts payable |
|
|
+1100 |
10. Paid office salaries of $4,600.
|
Salaries expense |
|
|
+4600 |
|
Cash |
|
|
-4600 |
11. Collected $3,000 from client who was billed.
|
Cash |
|
|
+3000 |
|
Accounts receivable |
|
|
-3000 |
12. Clients paid a total of $9,100 cash in fees.
|
Cash |
|
|
+9100 |
|
Fees income |
|
|
+9100 |
Cash spend by the month during the month = 3000+5000+4600+4600+580 = $17780 (all balances of cash with minus sign)
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