Accounting

26 August 2011

Chapter 1

Problems: 15 and 16

1.15. On June 1, Bob Friedland started his law care service. Listed below are the transactions for the month of June. Record the transactions onthe blanck from which follows.

June 1 Invested $2,200, cash and equipment with a book value of $3,500.

5 Recieved $375 for lawn care service

7 Recived $1,100 for lawn careservice

11 Purchased equipment for $2,000, paying $1,000 cash and giving a note for $1,000 for the reminder.

15 Paid gas bill, $275

19 Withdrew $200 cash for personaluse

21 Purchased supplies for $100 on account

25 Paid $400 on outstanding note ( see June 11 transaction)

30 Recieved $925 for lawn care service

Record the effect ofeach transaction in the following table:

|Cash |Supplies |Equipment |Ac Payable |N. Payable |Capital | |June 1 |$2,200 |0 |$3,500 |$3,500 | |$2,200 | |June 5 |+ $375 |0 |$3,500 |$3,500 | |$2,575 ||Balance |$2,575 |0 |$3,500 |$3,500 | | | |June 7 |+$1,100 |0 | | | | | |Balance |$3,675 |0 | | | | | |June 11 |$3,675 |0 |$2,000 - $1,000 | | | | |Balance |$3,675 | | | | | | |June 15 |-$275 | | || | | | Balance |$3,400 | | | | | | | June 19 |-$200 | | | | | | | Balance |$3,200 | | | | | | |June 21 |$3,200 |+$100 | | | | | |Balance | | | | | | | |June 25 |-$400 | | | | | | |Balance | | | | || | |June 30 |+$925 | | | | | | |Balance | | | | | | | |June 30 | | | | | | | |

1.16 The following transactions were engaged in during the month of March by Dr. Scott Braunstein:

(1) Openedhis practice by investing $50,000 in the bussines

(2) Bought office equipment for $27,000 on account for Medical Products, Inc.

(3) Paid $2,000 for various medical supplies for the office

(4)Recieved $11,600 in fees earned during the first month of opperations

(5) Paid office rent for the month, $900

(6) Paid medical assistant salary for the month, $1,800

(7) Paid Medical...