Question

Assignment > Open Assignment ASSIGNMENT RESOURCES Problem 1-2A Copy of Chapter 1 problem Problem 1-1A Problem 1-2A On August 31, the balance sheet of La Brava Veterinary Clinic showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Ea occurred. Paid $2,900 cash for accounts payable due. Collected $1,300 of accounts receivable. 1. Review Score Review Results by Study Objective 2. Purchased additional equipment for $2,100, paying $800 in cash and the balance on account. Recognized revenue of $7,300, of which $2,500 is collected in cash and the balance is due in October. Declared and paid a $400 cash dividend. Paid salaries $1,700, rent for September $900, and advertising expense $200. Incurred utilities expense for month on account $170. Received $10,000 from Capital Bank on a 6-month note payable. 3. 4. 5. 6. 7. 8. Prepare a tabular analysis of the September transactions beginning with August 31 balances. (If a transaction causes a decrea particular Asset, Liability or Equity item that was reduced. See Illustration 1-8 for example.) La Brava Veterinary Clin Liabilities Assets Common Stock Accounts Payable Notes Payable Accounts Receivable Equipment Supplies Cash Bal.

Answer 1

Answer-1:

Stockholder's equity Liabilities Assets Account Notes Account Common Retained Equipment = Supplies + Revenue - Expenses - Dividend Cash payable Receivable payable Stock earnings 3,600 (2,900) Bal 13,000 9,000 1,700 600 6,000 700 (2,900) (1,300) 1,300 (800) 2,100 1,300 2,500 4,800 7,300 (400) 400 (2,800) 2,800 170 170 8 10,000 10,000 7,300 2,970 15,900 5,200 600 8,100 10,000 2,170 13,000 700 400

La BravaVeterinary Clinic Income Statement For September 30 Revenue: 7,300 Expenses: Salary expense Rent expense Advertising expense lUtilities expense 1,700 900 200 170 Total expenses 2,970 Net Income 4,330 La Bravaveterinary Clinic Retained Earning Statements For September 30 Retained earning at the beginning of the period Add: Net Income earned 700 4,330 Total Income 5,030 Less: Dividend paid 400 Retained earning at the Ending of the period 4,630 %24 %24