Homework GO GO RT.1 ALGO eBook D. Wallace, a physical therapist, opened Wallace's Clinic. His accountant provided the following chart of accounts: Assets Cash Accounts Receivable Revenue Professional Fees RT.2.ALGO RT.3.ALGO RT.1.ALGO RT.2.ALGO RT.3.ALGO Office Equipment Expenses Office Furniture Salary Expense Rent Expense Liabilities Accounts Payable Owner's Equity D. Wallace, Capital D. Wallace, Drawing Utilities Expense Miscellaneous Expense The following transactions occurred during July of this year: a. Wallace deposited $41,000 in a bank account in the name of the business.. b. Bought filing cabinets (Office Equipment) on account from Muller Office Supply, $880. c. Paid cash for chairs and carpeting (Office Furniture) for the waiting room, $1,000, Ck. No. 1000. d. Bought a photocopier from Rob's Office Equipment, $980, paying $390 in cash and placing the balance on account, Ck. No. 1001. e. Received and paid the telephone bill, which included installation charges, $215, Ck. No. 1002. 1.ALGO 2.ALGO 3.ALGO 1.ALGO 2 ALGO B.ALGO f. Sold professional services on account, $3,360. g. Received and paid the bill for the state physical therapy convention, $600, Ck. No. 1003 (Miscellaneous Expense). h. Received and paid the electric bill, $280, Ck. No. 1004. i. Received cash on account from credit customers, $2,040. J. Paid on account to Muller Office Supply, $500, Ck. No. 1005. k. Paid the office rent for the current month, $1,610, Ck. No. 1006. 1. Sold professional services for cash, $2,990. m. Paid the salary of the receptionist, $1,270, Ck. No. 1007. n. Wallace withdrew cash for personal use, $1,820, Ck. No. 1008. Requirements: 1. Under each of the following T accounts, select either a plus or minus sign on the left side to indicate whether a Debit increases or decreases the classification or account and select either a plus or minus sign on the right side to indicate whether a credit increases or decreases the classification or account. 2. Record the amounts in the proper positions in the T accounts. Record the amounts in the order given (letters 'a' through 'n'). 3. Foot the T accounts and show the balances. Debit Cash Credit Check My Work 1 more Check My Work uses remaining. Accounts Davahle Previous Next ALGO ALGO ALGO ALGO ALGO ALGO o Bal. Debit Cash Credit Check My Work 1 more Check My Work uses remaining. Accounts Payable Debit Bal. Credit Previous Ne GO GO GO GO Bal. 30 GO Bal., Accounts Receivable Debit Debit D. Wallace, Capital Credit Debit Office Equipment Credit Office Furniture Check My Work 1 more Check My Work uses remaining. Bal. Bal. Credit D. Wallace, Drawing Debit Credit Professional Fees Previous Ne 1.ALGO 2.ALGO 3.ALGO 1.ALGO ALGO Bal. ALGO Debit Debit Office Furniture Salary Expense Debit Credit Credit Bal. Utilities Expense Check My Work 1 more Check My Work uses remaining. Bal. Professional Fees Debit Bal. Rent Expense Credit Credit Miscellaneous Expense. Previous No 1ALGO 2.ALGO 3.ALGO 1.ALGO Bal. ALGO ALGO Bal. Debit Salary Expense Credit Utilities Expense Debit Credit Check My Work 1 more Check My Work uses remaining. Bal. Bal. Debit Rent Expense Credit Miscellaneous Expense Debit Credit Previous Next