Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Mead Pet Hospital, owned by R. Mead, a veterinarian, opened for business on December 1 of the current year. Using the horizontal worksheet below, record

Mead Pet Hospital, owned by R. Mead, a veterinarian, opened for business on December 1 of the current year. Using the horizontal worksheet below, record the following December transactions. Total the columns to show that assets equal liabilities plus stockholders equity as of December 31. 1. Mead opened a checking account on December 1 at United Bank in the name of Mead Pet Hospital and deposited $20,000 cash. Mead received common stock for his investment. 2. Paid rent for December, $1,100. 3. Purchased office equipment on account, $2,900. 4. Purchased supplies for cash, $1,700. 5. Billed clients for services rendered, $7,300. 6. Paid secretarys salary, $1,950. 7. Paid $1,500 on account for the equipment purchased on December 3. 8. Collected $5,800 from clients previously billed for services. 9. The company paid stockholders $2,200 as a cash dividend. Note: Use negative signs with answers, when appropriate.image text in transcribed

Mead Pet Hospital, owned by R. Mead, a veterinarian, opened for business on December 1 of the current year. Using the horizontal worksheet below, record the following December transactions. Total the columns to show that assets equal liabilities plus stockholders' equity as of December 31. 1. Mead opened a checking account on December 1 at United Bank in the name of Mead Pet Hospital and deposited $20,000 cash. Mead received common stock for his investment. 2. Paid rent for December, $1,100. 3. Purchased office equipment on account, $2,900. 4. Purchased supplies for cash, $1,700. 5. Billed clients for services rendered, $7,300. 6. Paid secretary's salary, $1,950. 7. Paid $1,500 on account for the equipment purchased on December 3. 8. Collected $5,800 from clients previously billed for services. 9. The company paid stockholders $2,200 as a cash dividend. Note: Use negative signs with answers, when appropriate

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting A Global Approach

Authors: Sidney J. Gray, Belverd E. Needles

1st Edition

9780395839867

More Books

Students also viewed these Accounting questions

Question

What is a dummy variable?

Answered: 1 week ago