On April 1 of this year, A. R. Ball, Optometrist, established an P.O. l,2,3,4 office for the practice of optometry. The account headings are presented on the next page. Transactions completed during the month follow.

a. Deposited $10,500 in a bank account entitled A. R. Ball, Optometrist.

b. Paid office rent for the month, $640.

c. Bought supplies for cash, $1,216.

d. Bought professional equipment on account from Vision Equipment Supply, $15,290.

e. Bought a computer from Ryan Office Outfitters, $3,840, paying $800 in cash and putting the remainder on account.

f. Received cash for professional fees earned, $1,421 (Professional Fees).
g. Paid Ryan Office Outfitters $800 as part payment on amount owed on office equipment, recorded previously in transaction (e).
h. Received and paid bill for utilities, $153.
i. Paid salary of assistant, $950 (Salary Expense).
). Earned professional fees, receiving $2,414 cash.
k. Ball withdrew cash for personal use, $1,250.
Instructions l. In the equation, complete the asset section and list the owner’s name above the term Capital.
2. Record the transactions and the balance after each transaction. Identify the account affected when the transaction involves revenue, expenses, or a drawing.
3. Write the account totals from the left side of the equals sign and add them.
Write the account totals from the right side of the equals sign and add them.
If the two totals are not equal, first check the addition and subtraction. If you still cannot find the error, reanalyze each transaction.

Transcribed Image Text:

Assets Cash Supplies + + Expenses Liabilities + Accounts Payable Capital Owner's Equity + Revenue