Accounting 557

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Problem 1-2A (Part Level Submission)

On August 31, the balance sheet of Donahue Veterinary Clinic showed Cash $10,017, Accounts Receivable $3,417, Supplies $600, Equipment $6,000, Accounts Payable $5,317, Common Stock $13,962, and Retained Earnings $755. During September, the following transactions occurred.

1. Paid $2,747 cash for accounts payable due.
2. Collected $1,407 of accounts receivable.
3. Purchased additional equipment for $2,004, paying $818 in cash and the balance on account.
4. Earned revenue of $7,940, of which $2,680 is collected in cash and the balance is due in October.
5. Declared and paid a $1,115 cash dividend
6. Paid salaries $2,507, rent for September $1,185, and advertising expense $131.
7. Incurred utilities expense for month on account $267.
8. Received $12,192 from Capital Bank on a 6-month note payable.
 

 
Collapse question part

(a)

Prepare a tabular analysis of the September transactions beginning with August 31 balances. 
(If a transaction causes a decrease in Assets, Liabilities or Stockholders’ Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 1-8 for example.)

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DONAHUE VETERINARY CLINIC
Assets Liabilities Stockholders’ Equity 
  

Cash
 + 
Accounts
Receivable
 + 

Supplies
 + 
Equipment
 = 
Notes
Payable
 + 
Accounts
Payable
 + 
Common
Stock
 + 
Retained
Earnings
 + 

Revenues
 â€“ 

Expenses
 â€“ 

Dividends
 
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