D Johnston a physical therapist opened Johnston s Clinic

His accountant
D. Johnston, a physical therapist, opened Johnston’s Clinic. His accountant provided the
following chart of accounts:Assets Cash Accounts Receivable Office Equipment Office Furniture
Liabilities Accounts PayableOwner’s Equity D. Johnston, Capital D. Johnston, Drawing
Revenue Professional FeesExpenses Salary Expense Rent Expense Utilities Expense
Miscellaneous ExpenseThe following transactions occurred during July of this year: a. Johnston
deposited $ 35,000 in a bank account in the name of the business. b. Bought filing cabinets
(Office Equipment) on account from Muller Office Supply, $ 560. c. Paid cash for chairs and
carpeting (Office Furniture) for the waiting room, $ 835, Ck. No. 1000. d. Bought a photocopier
from Rob’s Office Equipment, $ 650, paying $ 250 in cash and placing the balance on account,
Ck. No. 1001. e. Received and paid the telephone bill, which included installation charges, $
185, Ck. No. 1002. f. Sold professional services on account, $ 2,255. g. Received and paid the
bill for the state physical therapy convention, $ 445, Ck. No. 1003 ( Miscellaneous Expense). h.
Received and paid the electric bill, $ 335, Ck. No. 1004. i. Received cash on account from credit
customers, $ 1,940. j. Paid on account to Muller Office Supply, $ 250, Ck. No. 1005. k. Paid the
office rent for the current month, $ 1,245, Ck. No. 1006. l. Sold professional services for cash, $
1,950. m. Paid the salary of the receptionist, $ 960, Ck. No. 1007. n. Johnston withdrew cash for
personal use, $ 1,200, Ck. No. 1008. Required 1. Record the owner’s name in the Capital and
Drawing T accounts. 2. Correctly place the plus and minus signs for each T account and label
the debit and credit sides of the accounts. 3. Record the transactions in the T accounts. Write
the letter of each entry to identify the transaction. 4. Foot the T accounts and show the
balances. 5. Prepare a trial balance as of July 31, 20—.6. Prepare an income statement for July
31, 20—. 7. Prepare a statement of owner’s equity for July 31, 20—. 8. Prepare a balance sheet
as of July 31, 20—.View Solution: D Johnston a physical therapist opened Johnston s Clinic His
accountant
SOLUTION-- http://solutiondone.online/downloads/d-johnston-a-physical-therapist-opened-
johnston-s-clinic-his-accountant/

Unlock answers here solutiondone.online