2. After all transactions have been entered, enter the total assets and the total liabilities plus owner's equity in the entry boxes below the transactions. If the two totals are not equal, first check the addition and subtraction. If you still cannot find the error, reanalyze each transaction. Enter increases to accounts as positive amounts and decreases to accounts as negative amounts. If an amount box does not require an entry, leave it blank or enter "0". Assets = Liabilities + Owner's Equity Prepaid Office Accounts Haas, Haas, Cash Supplies + + Insurance + Equipment + Library = Payable + Capital Drawing Revenue Expenses (a) (b) Bal. (c) Bal. (d) Bal. (e) Bal. (f) Bal. (g) Bal. (h) Bal. (i) Bal. (s) Bal. (k) Bal. (1) Bal. (m) Haas, Attorney at Law, opened his office on October 1. The account headings are presented below. Transactions completed during the month follow. Assets Liabilities + Owner's Equity Prepaid Office Accounts Cash + Supplies + Insurance + Equipment + Library Payable + Capital Drawing Revenue Expenses a. Haas deposited $34,000 in a bank account in the name of the business. b. Bought office equipment on account from QuipCo, $9,825. c. Haas invested his personal law library, which cost $3,350. d. Paid the office rent for the month, $2,700, Ck. No. 2000 (Rent Expense). e. Bought office supplies for cash, $290, Ck. No. 2001. f. Bought insurance for two years, $1,140, Ck. No. 2002. g. Sold legal services for cash, $8,925 (Professional Fees). h. Paid the salary of the part-time receptionist, $1,855, Ck. No. 2003 (Salary Expense). i. Received and paid the telephone bill, $438, Ck. No. 2004 (Telephone Expense). j. Received and paid the bill for utilities, $435, Ck. No. 2005 (Utilities Expense). k. Sold legal services for cash, $9,850 (Professional Fees). 1. Paid on account to QuipCo, $2,770, Ck. No. 2006. m. Haas withdrew cash for personal use, $3,500, Ck. No. 2007.
2. After all transactions have been entered, enter the total assets and the total liabilities plus owner's equity in the entry boxes below the transactions. If the two totals are not equal, first check the addition and subtraction. If you still cannot find the error, reanalyze each transaction. Enter increases to accounts as positive amounts and decreases to accounts as negative amounts. If an amount box does not require an entry, leave it blank or enter "0". Assets = Liabilities + Owner's Equity Prepaid Office Accounts Haas, Haas, Cash Supplies + + Insurance + Equipment + Library = Payable + Capital Drawing Revenue Expenses (a) (b) Bal. (c) Bal. (d) Bal. (e) Bal. (f) Bal. (g) Bal. (h) Bal. (i) Bal. (s) Bal. (k) Bal. (1) Bal. (m) Haas, Attorney at Law, opened his office on October 1. The account headings are presented below. Transactions completed during the month follow. Assets Liabilities + Owner's Equity Prepaid Office Accounts Cash + Supplies + Insurance + Equipment + Library Payable + Capital Drawing Revenue Expenses a. Haas deposited $34,000 in a bank account in the name of the business. b. Bought office equipment on account from QuipCo, $9,825. c. Haas invested his personal law library, which cost $3,350. d. Paid the office rent for the month, $2,700, Ck. No. 2000 (Rent Expense). e. Bought office supplies for cash, $290, Ck. No. 2001. f. Bought insurance for two years, $1,140, Ck. No. 2002. g. Sold legal services for cash, $8,925 (Professional Fees). h. Paid the salary of the part-time receptionist, $1,855, Ck. No. 2003 (Salary Expense). i. Received and paid the telephone bill, $438, Ck. No. 2004 (Telephone Expense). j. Received and paid the bill for utilities, $435, Ck. No. 2005 (Utilities Expense). k. Sold legal services for cash, $9,850 (Professional Fees). 1. Paid on account to QuipCo, $2,770, Ck. No. 2006. m. Haas withdrew cash for personal use, $3,500, Ck. No. 2007.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Transcribed Image Text:2. After all transactions have been entered, enter the total assets and the total liabilities plus owner's equity in the entry boxes below the transactions. If the two totals are not equal, first check the addition and subtraction. If you
still cannot find the error, reanalyze each transaction. Enter increases to accounts as positive amounts and decreases to accounts as negative amounts. If an amount box does not require an entry, leave it blank or enter "0".
Assets
= Liabilities +
Owner's Equity
Prepaid
Office
Accounts
Haas,
Haas,
Cash
Supplies
+
+
Insurance
+ Equipment
+
Library
=
Payable +
Capital
Drawing
Revenue
Expenses
(a)
(b)
Bal.
(c)
Bal.
(d)
Bal.
(e)
Bal.
(f)
Bal.
(g)
Bal.
(h)
Bal.
(i)
Bal.
(s)
Bal.
(k)
Bal.
(1)
Bal.
(m)
Transcribed Image Text:Haas, Attorney at Law, opened his office on October 1. The account headings are presented below. Transactions completed during the month follow.
Assets
Liabilities +
Owner's Equity
Prepaid
Office
Accounts
Cash
+ Supplies + Insurance + Equipment + Library
Payable + Capital
Drawing Revenue Expenses
a. Haas deposited $34,000 in a bank account in the name of the business.
b. Bought office equipment on account from QuipCo, $9,825.
c. Haas invested his personal law library, which cost $3,350.
d. Paid the office rent for the month, $2,700, Ck. No. 2000 (Rent Expense).
e. Bought office supplies for cash, $290, Ck. No. 2001.
f. Bought insurance for two years, $1,140, Ck. No. 2002.
g. Sold legal services for cash, $8,925 (Professional Fees).
h. Paid the salary of the part-time receptionist, $1,855, Ck. No. 2003 (Salary Expense).
i. Received and paid the telephone bill, $438, Ck. No. 2004 (Telephone Expense).
j. Received and paid the bill for utilities, $435, Ck. No. 2005 (Utilities Expense).
k. Sold legal services for cash, $9,850 (Professional Fees).
1. Paid on account to QuipCo, $2,770, Ck. No. 2006.
m. Haas withdrew cash for personal use, $3,500, Ck. No. 2007.
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