Question

dated yet . 10 dini in the e yes J a n dated November 1, 2, 3, 4, 5, 6 ...... . . .. PROBLEM 2-3A S. Myers, a speech therapist, opened a dinc in Clinic, Her accountant prepared the following chart of accounts Assets Owner's Equity Cash S. Myers, Capital Accounts Receivable S. Myers, Drawing Office Equipment Revenue Office Furniture Professional Fees Liabilities Accounts Payable Expenses Salary Experie Rent Expertise Utilities Expense Miscellaneous Expense The following transactions occurred during June of this year: a. Myers deposited $40,000 in a bank account in the name of the business. b. Bought waiting room chairs and tables on account, $1,330. Bought a fax/copier/scanner combination from Maxs Equipment for 5595, payine $200 in cash and placing the balance on account, Ck. No. 1001 d. Bought an intercom system on account from Regan Office Supply, 5375. e. Received and paid the telephone bill, $155, Ck. No. 1002. f. Sold professional services on account, $1,484. g. Received and paid the electric bill, $190, Ck. No. 1003. h. Received and paid the bill for the state speech therapy convention, $450. Ck. No. 1004.

Answer 1

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below answer is quite lengthy  solution . Please check line by line .. specially all journal entries , T account , flow of data to derived adjusted TB and balance Sheet , Owners Account derive

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	Complete Transactions S.Mayers - Journal Entries , Multiple and relevant T account ,
	Adjusted Trial Balance, Income Statement and Balance Sheet
Sl No	Journal Entries	Debit($)	Credit($)
a	Cash	40,000
	S.Mayers Capital		40,000
	( deposited in bank account in Business name )
b	Office Furniture	1,330
	Account Payable		1,330
c	Office Furniture	595
	Cash		200
	Account Payable		395
	( Purchase of office furniture / equipment in cash and part payable in due course
d	Office Furniture	375
	Account Payable		375
e	Telephone expenses	155
	Cash		155
f	Account Receivable	1,484
	Professional service		1,484
g	Electricity Bill	190
	Cash		190
h	Other expenses - relates to Speech therapy	450
	Cash		450
i	Cash	2,575
	Professional service		2,575
J	Account Payable	300
	Cash		300
	( paid to Regan office supply)
k	Office rent	940
	Cash		940
L	Office Salary	880
	Cash		880
m	S. Mayers Drawing	800
	Cash		800
	( withdraw money)
n	Cash	885
	Account Receivable		885

	T Account - relates to
Cash
Opening bal	Amnt($)		Amnt($)
Introduced capital	40,000	Payment
( S . Mayers capital)		Office furniture	200	Sl No c
Collected from Professional Service	2,575	telephone	155
Account receivable	885	Electricity Bill	190
		Other expenses	450
		Office Supply	300
		Office Rent	940
		Office Salary	880
		S.Mayers Drawing account	800
		Closing Balance	39545	-
Total	43,460		43,460
Account payable
Opening bal	Amnt($)		Amnt($)
Cash - Sl No J	300	Office Furniture	1,330	Sl No b
Closing Bal	1,800	Office Furniture	395	Sl No c
		Office Furniture	375	Sl No d
Total	2,100		2,100
Office Furniture
Opening bal	Amnt($)		Amnt($)
Account payable	1,330			Sl No b
Account payable	395			Sl No c
Account payable	375			Sl No d
Cash	200	Closing bal	2,300	Sl No c
Total	2,300		2,300
Account Receivable
Opening bal	Amnt($)		Amnt($)
Professional Service	1,484			Sl No f
		cash	885
		Closing bal	599
Total	1,484		1,484
ProfessioanlService
Opening bal	Amnt($)		Amnt($)
		Account receivable	1,484
Closing bal	4,059	Cash	2,575
Total	4,059		4,059

	Adjusted Trial Balance
	As on June 30 , 20...
		Debit($)	Credit($)
As derived above)	Cash	39,545
	Office furniture	2,300
	Account receivable	599
	Account Payable		1,800
	S,Marer capital Account		40,000	( as per Journal)
	S,Marer Drawing A/c	800		( as per Journal)
As derived above)	Professional Service Revenue		4,059
	Telephone cost	155		( as per Journal)
	Electricity cost	190
	Rent Expenses	940
	Salary cost	880
	Others cost	450
	Total	45,859	45,859
	Income Statement for the year ended 30th June 20..	Amnt($)
Professional Service Revenue		4,059
Less - Expenses
Telephone cost	155
Electricity cost	190
Rent Expenses	940
Salary cost	880
Others cost	450
total cost		2,615
Net Income		1,444
	Balance Sheet as on 30th June 20...
Asset	Amnt($)	Liability	Amnt($)
Current Asset		Account Payable	1,800
Cash	39,545
Account receivable	599	owners Equity	40,644
Current Asset	40,144
Fixed Asset
Office Equipment	2,300
Total Asset	42,444	Total Liability+ Owners Equity	42,444
Derived Oweners Equity	Amnt($)
S. Mayers Capital]	40,000
Less
S.mayers Drawing	-800
Retained Earnings	1,444
owners Equity	40,644