The following occurred during June at Hicks Family Counseling. Post the following transaction in the appropriate...
The following occurred during June at Hicks Family Counseling.
Post the following transaction in the appropriate T accounts.
Transactions:
1. Purchased office supplies for $1,000 in cash.
2. Clients paid a total of $31,000 in cash.
3. Paid the current month's office rent $ 3,000.
4. Complete professional counseling, billed client for $ 5,000.
5. Client paid fee of $ 3,000 for weekly counseling, previously billed.
6. Paid office salaries of $ 2,600.
7. Paid telephone bill of $ 380.
8. Billed client for $ 4,000 fee for preparing a counseling evaluation.
9. Purchase office supplies of $ 900 on account.
10. Paid office salaries of $ 2,600.
11. Collected $ 4,000 from a client who was billed.
12. Clients paid a total of $ 10,100 cash fees.
Analyze
How much cash did the business spend during the month? T accounts do not have any minus signs. Use minus signs in this problem to demonstrate your understanding of decreases to account balances.
How much cash did the business spend during the month?
Cash spend
Homework Answers
| Description | Amount |
| Purchase of Office Supplies | $ 1,000.00 |
| Office Rent | $ 3,000.00 |
| Office Salaries | $ 2,600.00 |
| Telephone Bill | $ 380.00 |
| Office Salaries | $ 2,600.00 |
| Cash Spent | $ 9,580.00 |
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Please make chart similar to this one so I can understand how it
was solved. label each chart either accounts payable, accounts
receivable, cash, fee income, Julie Yong Capital, Julie Young
Drawing, Office Supplies, Rent Expense, Salary Expense, Telephone
Expense.
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