Question

Dr. Schekter, DVM, opened a veterinary clinic on May 1, 2011. The business transactions for May
are shown below:
May 1 Dr. Schokter invested $400,000 cash in the business in exchange for 5,000 shares of
capital stock
May 4 Land and a building were purchased for $250,000. Of this amount, $70,000 applied to
the land, and $180,000 to the building. A cash payment of $100,000 was made at the
time of the purchase, and a note payable was issued for the remaining balance.
May 9 Medical instruments were purchased for $130,000 cash.
May 16 Office fixtures and equipment were purchased for $50,000. De Schekter paid
$20,000 at the time of purchase and agreed to pay the entire remaining balance
in 15 days
May 21
Office supplies expected to last several months were purchased for 55.000 cash.
May 24 Dr. Schekler billed clients $2.200 for services rendered. Or this amount. $1.900 was
received in cash, and $300 was billed on account (due in 30 days).
May 27 A $400 invoice was received for several radio advertisements aired in May. The entire
amount is due on June 5
May 28 Received a $100 payment on the $300 account receivable recorded May 24.
May 31 Paid employees $2.800 for salaries eumed in May,
A partial list of account titles used by Dr. Schekter includes:
Notes Payable
Accounts Receivable Accounts Payable
Office Supplies
Capital Stock
Medical Instruments Veterinary Service Revenue
Office Fixtures and Equipment Advertising Expense
Land
Salary Expense
Building
Cash

Answer 1

Answer:

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