Answered Essay: D. Haas, a physical therapist, opened Haas's Clinic. His accountant provided the following chart of accounts: Assets Revenue Ca

D. Haas, a physical therapist, opened Haas’s Clinic. His accountant provided the following chart of accounts: Assets Revenue Cash Professional Fees Accounts Receivable Office Equipment Expenses Office Furniture Salary Expense Rent Expense Liabilities Utilities Expense Accounts Payable Miscellaneous Expense Owner’s Equity D. Haas, Capital D. Haas, Drawing The following transactions occurred during July of this year: Haas deposited $34,000 in a bank account in the name of the business. Bought filing cabinets (Office Equipment) on account from Muller Office Supply, $670. Paid cash for chairs and carpeting (Office Furniture) for the waiting room, $825, Ck. No. 1000. Bought a photocopier from Rob’s Office Equipment, $770, paying $285 in cash and placing the balance on account, Ck. No. 1001. Received and paid the telephone bill, which included installation charges, $180, Ck. No. 1002. Sold professional services on account, $2,765. Received and paid the bill for the state physical therapy convention, $495, Ck. No. 1003 (Miscellaneous Expense). Received and paid the electric bill, $245, Ck. No. 1004. Received cash on account from credit customers, $1,585. Paid on account to Muller Office Supply, $360, Ck. No. 1005. Paid the office rent for the current month, $1,365, Ck. No. 1006. Sold professional services for cash, $2,395. Paid the salary of the receptionist, $990, Ck. No. 1007. Haas withdrew cash for personal use, $1,470, Ck. No. 1008. Requirements: Under each of the following T accounts, select either a plus or minus sign on the left side to indicate whether a Debit increases or decreases the classification or account and select either a plus or minus sign on the right side to indicate whether a credit increases or decreases the classification or account. Record the amounts in the proper positions in the T accounts. Record the amounts in the order given (letters ‘a’ through ‘n’). Foot the T accounts and show the balances.

Expert Answer

 

Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Salaries expense Accounts receivable Rent expense Office Equipment D haas capital
990 2765 1585 1365 670 34000
770
0 990 2765 1585 1365 0 1440 0 0 34000
-990 Ending balance 1180 Ending balance 1365 Ending balance 1440 Ending balance Ending balance 34000
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Professional fees Accounts payable office furniture D haas drawings
2765 360 670 825 1470
2395 485
0 5160 360 1155 825 0 0 0 1470 0
Ending balance 5160 Ending balance 795 825 Ending balance 0 Ending balance 1470 Ending balance
Debit Credit Debit Credit Debit Credit Debit Credit
Cash Utilities expense Misc. Expense
34000 825 180 495
1585 285 245
2395 180
495
245 425 0 495 0 0 0
360 425 Ending balance 495 Ending balance 0 Ending balance
1365
990
1470
37980 6215
31765
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