Question

Transaction Analysis and Trial Balance Make T-accounts for the following accounts that appear in the general ledger of Mead Pet Hospital, owned by R. Mead, a veterinarian Cash: Accounts Receivable: Supplies Office Equipment Accounts Payable; Common Stock Dividends: Professional Fees Earned: Salaries Expense, and Rent Expense. Using the accounting equation, record each of the transactions in columnar format. Prepare journal entries and record the following December transactions in the T- accounts and key all entries with the number identifying the transaction. Finally, determine the balance in each account and prepare a trial balance as of December 31 Det1 Mead opened a checking account on December 1 at United Bank in the name of Mead Pet Hospital and deposited cash Mead received common stock for his investment 2 Pad office rent for December 3 Purchased office equipment on account 4 Purchased supplies for cash is led dients for services rendered 6 Pald secretary's salary 7 Paid on account for equipment purchased on Dec 3 8 collected from clients previously bited for services 9 The company paid stockholders a cash dividend Hoddns

Answer 1

Journal Entries:

General Journal
Ref.	Description	Debit	Credit
1	Cash	$23,000
	Common stock		$23,000
	[To record issuance of common stock]
2	Rent expense	$1,400
	Cash		$1,400
	[To record payment of rent expense]
3	Office equipment	$3,200
	Accounts payable		$3,200
	[To record purchase of equipment on account]
4	Supplies	$2,000
	Cash		$2,000
	[To record purchase of supplies]
5	Accounts receivable	$7,600
	Service revenue		$7,600
	[To record professional fees billing]
6	Salaries expense	$2,250
	Cash		$2,250
	[To record payment of salaries expense]
7	Accounts payable	$1,800
	Cash		$1,800
	[To record payment on office equipment]
8	Cash	$6,100
	Accounts receivable		$6,100
	[To record receipt of cash from customers]
9	Cash dividend	$2,500
	Cash		$2,500
	[To record cash payment of dividends]