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 Dec 1 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. 5 Bed clients 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 6.100 The company pad stockholders a cash dividend 2.500 Support 888888 Accounting Template Journal Entries T-Accounts Trial Balance Note: Use a negative sign with your answers below, when appropriate Sun O ffice Beulement Accounts Pavable. Common Staci Type here to search Ole 6 1/25/2020

Answer 1

Supplies Retainined Earnings Cash + Accounts Receivable + + Office Equipment = Accounts Payable Common stock 23,000 -1,400 23,000 2 $ $ -1,400 3,200 3,200 4 $ -2,000 2,000 7,600 7,600 -2,250 6 $ -2,250 -1,800 -1,800 8 $ 9 $ -6,100 6,100 $ 23,000 + $ -2,500 -2,500 19,150 + $ 2,000 + $ 1,500 + $ 1,400 + $ 3,200 1,450