chapter 3 homework

Chapter 3 Homework Help Save & Exit Submit Check my work Dr. Schekter, DVM, opened a veterinary clinic on May 1, current year. The business transactions for May are shown as follows. May 1 Dr. Sebekter invested $400,000 cash in the business in exchange for 6,000 shares of eapital soek. May Land and a building were purchased for $300,000. Of this amount, 584,000 applied to the land, and $216,000 to the building. A cash payment of $120,000 was made at the time of the purchase, and a note payable was issued for the Hay Medical instrum cal instruments were purchased for $156,000 cash May 16 Office fixtures and equipment were purchased for $60,000. Dr. Schokter paid $24,000 at the time of purchase and agreed to pay the entire remaining balance in 15 days. May 21 offee supplies expected to last several months were purchased for $6.990 cash. May 24 Dr. Behekter billedeliente 92.640 for services rendered. Of this amount, $2,200 was received in cash, and $360 was billed on account (duey in 30 days). May 27 A 5480 invoice was receivel for several radio advertisements aired in May. The entire amount to die on June 5. May 28 Received a $120 payment on the 360 account receivable recorded May 24. May 31 Paid employees $3,360 for salaries earned in May. A partial list of account titles used by Dr. Schekter includes the following Notes Payable hooounts Receivable Accounts Payable Office Supplies Capital Stock Veterinary Service Revenue office Fixtures and Equipment Advertising Expense Salary Expense Post each transaction to the appropriate T account. Notes Payable May 01 Cash 480,000 May 31 Bal. nces May 24 May 31 Bal. 480,000 Accounts Payable Accounts Receivable 360p May 24 120 May 31 Bal 240 May 31 Bal. Office Supplies Capital Stock May 31 Bal 0 May 31 Bal. Medical Instruments Veterinary Service Revenue May 31 Ball May 31 Bal. May 31 Bal. May 31 Bal. 0 Medical Instruments Veterinary Service Revenue ces May 31 Bal. 0 May 31 Bal 0 Office Fixtures and Equipment Advertising Expense May 31 Bal 0 . + May 31 Balo Land Salary Expense May 31 Bal 0 May 31 Bal 0 Building May 31 Bal 0 ( Required B Required D >