A. C. Kent, an optometrist, opens an office for the practice of P.0.1,2,3,4,5,6 optometry, A. C. Kent, O.D. Her accountant recommends the following chart of accounts:

The following transactions occurred during May of this year:

a. Kent invested $12,000 cash in her professional enterprise.

b. Bought a facsimile machine for $495 from Mid-City Office Machines, paying $250 down; the balance is due in thirty days.

c. Kent invested in the enterprise her personal professional equipment with a fair market value of $8,200 (additional investment).

d. Bought waiting room chairs and carpets (Office Eurniture), paying cash, $1,516.

e. Bought an intercom system on account from Roark Office Supply (Office Equipment), $318.

f. Received and paid telephone bill, $92.
g. Billed patients for professional services performed, $1,314.
h. Received and paid electric bill for heat and lights, $87.
i. Paid expenses for trip to State Optometric Convention, $172.
j. Bought a copy machine on account from Roark Office Supply, $547.
k. Billed patients for additional professional services, $1,963.

l. Paid office rent for the month, $520.
m. Paid salary of receptionist, $750.
n. Kent withdrew cash for her personal use, $900.
o. Received $119 on account from patients who were billed previously.
Instructions 1. Record the owner’s name in the Capital and Drawing T accounts.
2. Correctly place plus and minus signs for each T account, and label the debit and credit sides of the T accounts.
3. Record the transactions in the T accounts. Key each entry to the alphabetical symbol identifying the transaction.
4. Foot the T accounts and show balances.
5. Prepare a trial balance as of May 31, 19-.
6. Prepare an income statement for May.
7. Prepare a statement of owner’s equity for May.
8. Prepare a balance sheet as of May 31, 19-.

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Assets Cash Accounts Receivable Office Equipment Office Furniture Professional Equipment Liabilities Accounts Payable Owner's Equity A. C. Kent, Capital A. C. Kent, Drawing Revenue Professional Fees Expenses Salary Expense Rent Expense Utilities Expense Miscellaneous Expense