accounting

posted by .

Maria Gonzalez opened a veterinary business in Nashville, Tennessee, on August 1. On August 31, the balance sheet showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Office Equipment $6,000, Accounts Payable $3,600, and M. Gonzalez, Capital $13,700. During September the following transactions occurred.

Paid $2,900 cash on accounts payable.
Collected $1,300 of accounts receivable.
Purchased additional office equipment for $2,100, paying $800 in cash and the balance on account.
Earned revenue of $8,000 of which $2,500 is collected in cash and the balance is due in October.
Withdrew $1,000 in cash for personal use.
Paid salaries $1,700, rent for September $900, and advertising expenses $300.
Incurred utility expenses for month on account $170.
Received $10,000 from Capital Money Bank - money borrowed on a note payable.
Instructions
(a) Complete the table below. (If amount is a decrease, use either a negative sign preceding the number eg -45 or parentheses eg (45). For item 6. list amounts from largest to smallest eg 10, 5, 3, 2. If answer is zero, please enter 0. All blanks must be filled in. Note: Drawings and Expenses always decrease the account.)

MARIA GONZALEZ, VETERINARIAN
Maria Gonzalez Capital
Cash
+ Accounts
Receivable
+ Supplies
+ Office
Equipment
= Notes
Payable
+ Accounts
Payable
+ M. Gonzalez
Capital
- M. Gonzalez
Drawing
+ Revenues
- Expenses

Bal.
1.
2.
3.
4.
5.
6.


7.
8.


(b) Complete the income statement for September, an owner's equity statement for September, and a balance sheet at September 30. (List amounts from largest to smallest eg 10, 5, 3, 2. If a net loss, record amount using either a negative sign preceding the number eg -45 or parentheses eg (45). For the balance sheet, list assets in order of liquidity and liabilities from largest to smallest eg 10, 5, 3, 2.)

Maria Gonzalez, Veterinarian
Income Statement
For the Month Ended September 30, 2010September 30, 2010
Revenues
Office equipmentUtilities expenseM.Gonzalez, CapitalNotes payableAccounts payableAdvertising expenseSuppliesService revenueCashSalaries expenseAccounts receivableRent expenseDrawings $
Expenses
Advertising expenseAccounts payableUtilities expenseM.Gonzalez, CapitalAccounts receivableOffice equipmentNotes payableSalaries expenseRent expenseService revenueDrawingsCashSupplies $
CashAccounts receivableSuppliesUtilities expenseService revenueSalaries expenseAdvertising expenseRent expenseOffice equipmentM.Gonzalez, CapitalDrawingsNotes payableAccounts payable
M.Gonzalez, CapitalNotes payableUtilities expenseAccounts payableSuppliesOffice equipmentAdvertising expenseService revenueRent expenseSalaries expenseDrawingsAccounts receivableCash
M.Gonzalez, CapitalService revenueOffice equipmentAccounts payableAdvertising expenseNotes payableRent expenseDrawingsSalaries expenseAccounts receivableCashSuppliesUtilities expense

Total expenses

Net income (loss) $



Maria Gonzalez, Veterinarian
Owner's Equity Statement
For the Month Ended September 30, 2010September 30, 2010
Rent expenseDrawingsService revenueSalaries expenseNet incomeNotes payableM.Gonzalez, Capital, September 30Accounts receivableM.Gonzalez, Capital, September 1SuppliesCashUtilities expenseOffice equipmentAccounts payableAdvertising expense $
Add: CashAccounts payableSalaries expenseDrawingsNotes payableNet incomeM.Gonzalez, Capital, September 1Service revenueUtilities expenseAdvertising expenseRent expenseM.Gonzalez, Capital, September 30Office equipmentAccounts receivableSupplies


Less: Accounts receivableM.Gonzalez, Capital, September 30Salaries expenseUtilities expenseCashOffice equipmentNet incomeNotes payableSuppliesAccounts payableDrawingsAdvertising expenseM.Gonzalez, Capital, September 1Rent expenseService revenue

Net incomeCashAccounts payableAccounts receivableRent expenseM.Gonzalez, Capital, September 1SuppliesSalaries expenseOffice equipmentAdvertising expenseNotes payableUtilities expenseService revenueM.Gonzalez, Capital, September 30Drawings $



Maria Gonzalez, Veterinarian

Balance Sheet

For the Month Ended September 30, 2010September 30, 2010

Assets
Rent expenseAccounts receivableOffice equipmentCashUtilities expenseService revenueAdvertising expenseSuppliesNotes payableAccounts payableDrawingsSalaries expenseM.Gonzalez, Capital $
Rent expenseAdvertising expenseUtilities expenseCashNotes payableAccounts receivableOffice equipmentSuppliesService revenueAccounts payableM.Gonzalez, CapitalDrawingsSalaries expense
Utilities expenseM.Gonzalez, CapitalCashAccounts payableRent expenseDrawingsAdvertising expenseService revenueNotes payableAccounts receivableSuppliesOffice equipmentSalaries expense
Service revenueM.Gonzalez, CapitalAccounts payableRent expenseNotes payableAdvertising expenseSalaries expenseUtilities expenseCashDrawingsOffice equipmentSuppliesAccounts receivable

Total assets $

Liabilities and Owner's Equity
Liabilities
Notes payableUtilities expenseSuppliesDrawingsCashAccounts receivableM.Gonzalez, CapitalService revenueSalaries expenseAccounts payableOffice equipmentRent expenseAdvertising expense $
Accounts receivableAccounts payableUtilities expenseSuppliesRent expenseM.Gonzalez, CapitalSalaries expenseCashAdvertising expenseService revenueDrawingsNotes payableOffice equipment

Total Liabilities
Owner's equity
Advertising expenseCashDrawingsSalaries expenseService revenueSuppliesRent expenseNotes payableM.Gonzalez, CapitalUtilities expenseAccounts payableAccounts receivableOffice equipment

Total liabilities and owner's equity $

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. Introduction to Accounting

    The proprietors of two businesses, L.L. Sams Company and Melinda Garcia Career Services, have sought business loans from you. To decide whether to make the loans, you have requested their balance sheet to view. L.L. Sams Company Balance …
  2. Accounting

    Sam's grocery store had the following at the end of 20X5: Cash $22,000 Accounts receivable 49,000 Accounts payable 17,000 Fees earned 61,000 Rent expense 12,000 Insurance expense 3,600 Salary expense 18,000 Supplies 15,000 Sam, capital …
  3. Accounting

    The following are all of the accounts of Mean Green Company that have a balance at the end of August, the company's first month of operation: Accounts receivable $11,000 Cash $10,100 Equipment 39,700 Advertising expense 3,000 Service …
  4. Accounting

    Use the following adjusted trial balance of Webb Trucking Company to prepare a classified balance sheet as of December 31, 2005.Account Title Debit Credit Cash . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 7,000 Accounts …
  5. Basic Accounting

    Complete an Income Statement, Statement of Owner's Equity, and Balance Sheet using the information provided below for Rya’s Planning Services. Cash… …… ……… … … … ………$21,500 Accounts Receivable………17,500 …
  6. Accounting

    Complete an Income Statement, Statement of Owner's Equity, and Balance Sheet using the information provided below for Rya’s Planning Services. Cash… …… ……… … … … ………$21,500 Accounts Receivable………17,500 …
  7. accounting

    1. Please refer to the worksheet below. Trial Balance Adjustments Adjusted Trial Balance Income Statement Balance Sheet Account Title Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Dr. Cr. Cash $1,700 $1,700 $1,700 Accounts receivable 8,500 $2,000 …
  8. Accounting

    Statement of Owner's Equity I've tried to get it to balnce with the amount of on my balance sheet of $54,500.00 but can not can you help Cash… …… ……… … … … ………$21,500 Accounts Receivable………17,500 Office …
  9. accounting

    Maria Gonzalez opened a veterinary business in Nashville, Tennessee, on August 1. On August 31, the balance sheet showed Cash $9,000, Accounts Receivable $1,700, Supplies $600, Office Equipment $6,000, Accounts Payable $3,600, and …
  10. Accounting

    On September 1, 2011, Fast Track, Inc. was started with $30,000 invested by the owners as contributed capital. On September 30, 2011, the accounting records contained the following amounts: Accounts Payable $2,200 Dividends Declared …

More Similar Questions