* ***** Please Help me to Find Total Assets and Total Owners equality in E part. *****
Dr. Schekter. DVM, opened a veterinary clinic on May 1, current year. The business transactions for May are shown as follows. May 1 Dr. Schekter invested $480,eee cash in the business in exchange for 6,800 shares of capital stock. May 4 Land and a building were purchased for $300,eee. Of this amount, $84,608 applied to the land, and $216,8ee to the building. A cash payment of $120,898 was made at the time of the purchase, and a note payable was issued for the remaining balance. May 9 Medical instruments were purchased for $156,888 cash. May 16 Office fixtures and equipment were purchased for $60,eee. Dr. Schekter paid $24,080 at the time of purchase and agreed to pay the entire remaining balance in 15 days. May 21 Office supplies expected to last several months were purchased for $6,800 cash. May 24 Dr. Schekter billed clients $2,648 for services rendered. Of this amount, $2,280 was received in cash, and $360 was billed on account (due in 30 days). May 27 A $480 invoice was received for several radio advertisements aired in May. The entire amount is due on June 5. May 28 Received a $120 payment on the $360 account receivable recorded May 24. May 31 Paid employees $3,36e for salaries earned in May. partial list of account titles used by Dr. Schekter includes the following. Cash Accounts Receivable Office Supplies Medical Instruments Office Fixtures and Equipment Notes Payable Accounts Payable Capital Stock Veterinary Service Revenue Advertising Expense Salary Expense Land Building Required: : a. Analyze the effects that each of these transactions will have on the following six components of the company's financial statements for the month of May. Select I for increase. D for decrease, and NE for no effect in the column headings below to show the effects of the above transactions. The May 1 transaction is provided for you. b. Prepare journal entries for each of the above transactions. c. Post each transaction to the appropriate T account. d. Prepare a trial balance dated May 31, current year. e. Using figures from the trial balance prepared in part d, compute total assets, total liabilities, and owners' equity. Did May appear to be a profitable month? * Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required c Required D Required E Analyze the effects that each of these transactions will have on the following six components of the company's financial statements for the month of May. Select I for increase, D for decrease, and NE for no effect in the column headings below to show the effects of the above transactions. The May 1 transaction is provided for you. Balance Sheet Income Statement Expenses Date - = Net Income Assets - Liabilities = Revenue NE Owners' Equity NE 1 NE NE NE NE NE 1 NE NE NE NE NE NE NE NE NE NE NE 1 NE May 01 May 04 May 09 May 16 May 21 May 24 May 27 May 28 May 31 NE NE NE NE NE OOOOOOOO e|ol|g. OOOOOOOO 1 NE 1 NE 1 NE NE 1 D D NE D NE D D NE D NE NE NE D D NE NE 1 Complete this question by entering your answers in the tabs below. Required A Required B Required Required D Required E Prepare journal entries for each of the above transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) No Date General Journal Credit Debit 480,000 1 May 01 Cash O Capital stock 480.000 2 May 04 84.000 218.000 Land Building Cash Notes payable DOO 120.000 180,000 3 May 09 156.000 Medical instruments Cash olo 156.000 4 May 16 60.000 > Office foctures and equipment Cash 24,000 38,000 Accounts payable O 5 May 21 8.000 Office supplies Cash O 8.000 6 May 24 Accounts receivable 360 OON Cash 2.280 Veterinary service revenue 2.640 7 May 27 480 Advertising expense Accounts payable blo 480 8 May 28 Cash 120 Accounts receivable O 120 9 May 31 3.360 Salary expense Cash O 3.380 Answer is not complete. Complete this question by entering your answers in the tabs below. 12.5 points Required A Required B Required Required D Required E Post each transaction to the appropriate T account. T . Cash Notes Payable May 01 480,000 180,000 May 04 May 31 Bal. 180,000 May 24 2.280 120.000 156,000 24,000 6.000 3,360 May 31 120 May 28 May 31 Bal. 173,040 Accounts Receivable 360 May 24 Accounts Payable 36,000May 16 480 May 27 May 31 Bal. 360 May 31 Bal. 36,480 Capital Stock Office Supplies 6.000 May 21 480,000 May 01 May 31 Bal. 6,000 May 31 Bal. 480,000 Medical Instruments 156,000 Veterinary Service Revenue 2,640 May 24 May 09 May 31 Bal. 158,000 May 31 Bal. 2,840 Office Fixtures and Equipment 60,000 Advertising Expense 480 May 16 May 27 o May 31 Bal 80,000 May 31 Bal. 480 Land 84,000 Salary Expense 3.360 May 04 May 31 May 31 Bal. 84.000 May 31 Bal 3,360 Building 216,000 May 04 May 31 Bal. 216,000 d. Prepare a trial balance dated May 31, current year. e. Using figures from the trial balance prepared in part d, compute total assets, total liabilities, and owners' equity. Did May appear to be a profitable month? Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Prepare a trial balance dated May 31, current year. Credit DR. SCHEKTER, DVM Trial Balance May 31, Current Year Debit $ 173.040 240 84.000 216.000 Cash Accounts receivable Land Building 150.000 60.000 Medical instruments Office fixtures and equipment Accounts payable Notes payable Capital stock Veterinary service revenue Salary expense Advertising expense Office supplies 36,480 180,000 480,000 2.640 3.380 480 OL 6.000 s 899.120 S 699,120 Dr. Schekter, DVM, opened a veterinary clinic on May 1, current year. The business transactions for May are shown as follows. 12.5 points May 1 Dr. Schekter invested $480,eee cash in the business in exchange for 6,800 shares of capital stock. May 4 Land and a building were purchased for $300,eee. Of this amount, $84,608 applied to the land, and $216,8ee 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 remaining balance. May 9 Medical instruments were purchased for $156,888 cash. May 16 Office fixtures and equipment were purchased for $60,eee. Dr. Schekter paid $24,000 at the time of purchase and agreed to pay the entire remaining balance in 15 days. May 21 Office supplies expected to last several months were purchased for $6,800 cash. May 24 Dr. Schekter billed clients $2,648 for services rendered. Of this amount, $2,280 was received in cash, and $360 was billed on account (due in 30 days). May 27 A $480 invoice was received for several radio advertisements aired in May. The entire amount is due on June 5. May 28 Received a $12e payment on the $36e 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. Cash Accounts Receivable Office Supplies Medical Instruments Office Fixtures and Equipment Land Building Notes Payable Accounts Payable Capital Stock Veterinary Service Revenue Advertising Expense Salary Expense Requlred: a. Analyze the effects that each of these transactions will have on the following six components of the company's financial statements for the month of May. Select I for increase. D for decrease, and NE for no effect in the column headings below to show the effects of the above transactions. The May 1 transaction is provided for you. b. Prepare journal entries for each of the above transactions. c. Post each transaction to the appropriate T account. d. Prepare a trial balance dated May 31, current year. e. Using figures from the trial balance prepared in part d, compute total assets, total liabilities, and owners' equity. Did May appear to be a profitable month? % Answer is not complete. Complete this question by entering your answers in the tabs below. Required A Required B Required C Required D Required E Using figures from the trial balance prepared in part d, compute total assets, total liabilities, and owners' equity. Did May appear to be a profitable month? Total assets Total liabilities Total owners' (stockholders') equity $ 689,280 x $ $ 216.480 S $ 487,640 X
