S. Schwartz, a speech therapist, opened a clinic in the name of Schwartz Clinic. Her accountant prepared the following chart of accounts:

Assets

Revenue

Cash

Professional Fees

Accounts Receivable

Office Equipment

Expenses

Office Furniture

Salary Expense

Rent Expense

Liabilities

Utilities Expense

Accounts Payable

Miscellaneous Expense

Owner's Equity

S. Schwartz, Capital

S. Schwartz, Drawing

The following transactions occurred during June of this year:

a.Schwartz deposited $53,000 in a bank account in the name of the business.

b.Bought waiting room chairs and tables (Office Furniture) on account, $1,850.

c.Bought a fax/copier/scanner combination (Office Equipment) from Max's Equipment for $1,350, paying $570 in cash and placing the balance on account, Ck. No. 1001.

d.Bought an intercom system (Office Equipment) on account from Regan Office Supply, $725.

e.Received and paid the telephone bill, $304, Ck. No. 1002.

f.Sold professional services on account, $2,100.

g.Received and paid the electric bill, $185, Ck. No. 1003.

h.Received and paid the bill for the state speech therapy convention, $740, Ck. No. 1004 (Miscellaneous Expense).

i.Sold professional services for cash, $3,965.

j.Paid on account to Regan Office Supply, $400, Ck. No. 1005.

k.Paid the rent for the current month, $1,005, Ck. No. 1006.

l.Paid salary of the receptionist, $1,150, Ck. No. 1007.

m.Schwartz withdrew cash for personal use, $940, Ck. No. 1008.

n.Received $975 on account from patients who were previously billed.

Required:

1.Under each of the followingT accounts, select either a plus or minus sign on the left side to indicate whether aDebitincreases or decreases the classification or account and select either a plus or minus sign on the right side to indicate whether acreditincreases 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.