Financial & Managerial Accounting 17th Edition by Jan Williams ,Susan Haka,Mark Bettner,Joseph Carcello

تمرين 46

The Accounting Cycle: Journalizing, Posting, and Preparing a Trial Balance
Dr. Schekter, DVM, opened a veterinary clinic on May 1, 2015. The business transactions for May are shown below:

A partial list of account titles used by Dr. Schekter includes:

Instructions
a. Analyze the effects that each of these transactions will have on the following six components of the company's financial statements for the month of May. Organize your answer in tabular form, using the column headings shown below. Use I for increase, D for decrease, and NE for no effect. The May 1 transaction is provided for you:

b. Prepare journal entries (including explanations) for each transaction.
c. Post each transaction to the appropriate ledger accounts (use the T account format illustrated in Exhibit 3-8 on page 110).
Exhibit

d. Prepare a trial balance dated May 31, 2015.
e. Using figures from the trial balance prepared in part d, compute total assets, total liabilities, and owners' equity. Did May appear to be a profitable month?