Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Analyze the events chronologically, one transaction at a time, beginning with the transacbon on the 6th. For each transaction that follows the transaction on the
Analyze the events chronologically, one transaction at a time, beginning with the transacbon on the 6th. For each transaction that follows the transaction on the 6th, calculate the balance in each account after analyzing its effect on the accounting equation (Complete only the necessary answer boxes for your transaction lines. Do not enter any zeros for your transaction snus For transactions with the same date, be sure to enter each transaction on a separate linn in the order presented in the problem Carry down all balances to the "Bal" ne, including zero balance accounts, entering a "0" for any auro balances Enten a decisse in an account with a minus sign or parentheses Abbreviations used AP Accounts Payable, Cap Sampson. Capitat. Exp. Exponse Lab Labites, Med Medical Rev Revinia Sal Salanes Sop Supplies Wind Sampson, Withdrawah) 716 Cash ASSETS . Mod Land LIAB AP EQUITY Cap Withdr Service Sal Reed Utities Sup Rev Exp Exp Exp . More info Jul. 6 Jul. 9 Jul. 12 Jul 15 Sampson contributed $68,000 in the business by opening a bank account in the name of R Sampson, MD The business gave capital to to Sampson Paid $44,000 cash for land Purchased medical supples for $1,500 on account Officially opened for business Jul 20 Paid cash ponses employees' salanes, $1,900, office rent, $1,100, utilities, $250 Jul. 31 Earned service revenue for the month, $11,000, receiving cash Jul. 31 Paid $1,100 on account - X Analyze the events chronologically, one transaction at a time, beginning with the transaction on the 6th. For each transaction that follows the transaction on the 6th, calculate the balance in each account after analyzing its effect on the accounting equation. (Complete only the necessary answer boxes for your transaction lines [Do not enter any zeros for your transaction lines.] For transactions with the same date, be sure to enter each transaction on a separate line in the order presented in the problem Carry down all balances to the "Bal" line, including zero balance accounts, entering a "0" for any zero balances. Enter a decrease in an account with a minus sign or parentheses. Abbreviations used A/P Accounts Payable, Cap Sampson, Capital, Exp. Expense; Liab. Liabilities, Med Medical, Rev. Revenue, Sal Salaries, Sup, Supplies, Withdr Sampson, Withdrawals.) ASSETS LIAB. + EQUITY Cash + Med + Land = A/P Cap. Withdr Service Sal Rent Utilities Sup Rev. Exp Exp Exp + 7/6 . More info Jul. 6 Sampson contributed $68,000 in the business by opening a bank account in the name of R. Sampson, MD. The business gave capital to to Sampson. Jul. 9 Paid $44,000 cash for land. Jul. 12 Purchased medical supplies for $1,500 on account. Jul. 15 Officially opened for business. Jul. 20 Paid cash expenses: employees' salaries, $1,900; office rent, $1,100; utilities, $250. Jul. 31 Earned service revenue for the month, $11,000, receiving cash. Jul. 31 Paid $1,100 on account. - X
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started