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5. After getting her DVM degree, Lana Cox entered private practice. The transactions of the business in May 2014 are as follows. May 1 Lana
5. After getting her DVM degree, Lana Cox entered private practice. The transactions of the business in May 2014 are as follows. May 1 Lana Cox invested $20,000 of her personal funds in the newly chartered corporation, Whistlestop Pet Clinic Inc. May 3 Whistlestop Pet Clinic paid $3,000 for two month's rent in advance for an office May 9 Whistlestop Pet Clinic purchased medical supplies costing $2,000. May 12 Whistlestop Pet Clinic bought $40,000 of equipment, with a 25% cash down payment and the rest placed on account. May 15 Delivered a calf for a $350 fee, billed on account. May 18 Inoculated a horse for a $300 fee, receiving cash from the customer (the horse's owner) May 27 Paid a monthly utility bill for $600. May 31 Hosted a dog and cat clinic, collecting $800 cash in fees from owners getting shots for their pets a. Post the transactions to T-accounts with the following titles: Cash, Accounts Receivable, Medical Supplies, Prepaid Rent, Equipment, Accounts Payable, Common Stock, Veterinary Fees Revenue, Utilities Expense. b. Find the balance in the Cash account and report what it is. Don't forget to specify whether it is a debit balance or a credit balance
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