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m/ilm/takeAsignment/takeAssignmentMain.do?inwoker-assignmentstai on July 1 of this year, R. Mils established the Green Rehab Clinic. The organization\'s account headings are presente the month of July follow s account headings are presented below. Transactions completed daring Assets Liabilities + Owners Equity Office Professional Accounts Cash Supplies+Equipment Equipment Payable Capital a. Milis deposited $48,000 in a bank account in the name of the business t. Pad the office rent for the month, $3,200·ck. No. 2001 (Rert Expense). c. Bought supplies for cash, $436, Ck. No. 2002. Drawing Revenue Expenses Bought professional equipment on account from Rehab Equipment Company, $27,500 Bought office equipment from Hi-Tech Computers, $3,240, payling $1,080 in cash and placing the balance on account, Ck. No. 2003. Sold professional services for cash, $6,400 (Professional Fees) Paid on accoont to Rehab Equipment Company, $1,700, Ck. No. 2004 )Received and paid the bill for utilities, $407, Ck. Na 2005 tuaties Expense). Paid the salary of the assistant, $1,575, Ck. No. 2006 (Salary Expense) Sold professional services for cash, $4,328 (Professional Fees. k. Mills withdrew cash for personal use, $3,700, Ck. No. 2007 Required 2. ter all transactions have been entered, enter the total assets and the total lablites paus owrer\'s eeity in the entry bon below et Record the transactions and the balance after each transaction the nietora two totals are not equal, check the addtion and subtraction f you sl cannot find the error, re-analvze each transaction. If an amount bex does not require an entry, leave it blank or enter \"\".Enter all answers as positive amounts Owner\'s Equity

Solution

Assets Liabilities Owners Equity Office Professional Accounts Cash + Supplies + Equipment + Equipment Payables + Capital - Drawings + Revenue - Expenses Comments a 48,000.00              -                     -                        -                    -   48,000.00                 -                    -                  -   a. Bank balance increased due to cash deposited. b. Amt invested in form of capital. So capitakl balance increased. b -3,000.00              -                     -                        -                    -                    -                   -                    -   3,000.00 a. Rent paid. Its an expense. b. Bank balance reduced because of pymt of rent. Balance 45,000.00              -                     -                        -                    -   48,000.00                 -                    -   3,000.00 c       -436.00     436.00                   -                        -                    -                    -                   -                    -                  -   a. Bought supplies. So supplies balance incresed. b. Cash balance reduced since cash paid. Balance 44,564.00     436.00                   -                        -                    -   48,000.00                 -                    -   3,000.00 d                  -                -                     -         27,500.00 27,500.00                  -                   -                    -                  -   a. Professional equipment bought. So asset balance increased. b. Bought on account. So creditor balance increased. Balance 44,564.00     436.00                   -         27,500.00 27,500.00 48,000.00                 -                    -   3,000.00 e -1,080.00              -        3,240.00                      -       2,160.00                  -                   -                    -                  -   a. Office equipment bought. So asset balance increased. b. Paid cash only 1080 instead of 3240. So cash reduced only 1080. c. Balance shown as payable (3240-1080=2160) as a creditor. Balance 43,484.00     436.00      3,240.00       27,500.00 29,660.00 48,000.00                 -                    -   3,000.00 f     6,400.00              -                     -                        -                    -                    -                   -       6,400.00                -   a. Cash received for rendering professional services. So cash balance increased. b. Professional services trated as revenue. Balance 49,884.00     436.00      3,240.00       27,500.00 29,660.00 48,000.00                 -       6,400.00 3,000.00 g -1,700.00              -                     -                        -   -1,700.00                  -                   -                    -                  -   a. Paid to creditor. So cash balace reduced. b. Creditor balance reduced since paid. Balance 48,184.00     436.00      3,240.00       27,500.00 27,960.00 48,000.00                 -       6,400.00 3,000.00 h       -407.00              -                     -                        -                    -                    -                   -                    -         407.00 a. Utilities exp booked and paid. b. Cash balance reduced since utilities paid. Balance 47,777.00     436.00      3,240.00       27,500.00 27,960.00 48,000.00                 -       6,400.00 3,407.00 i -1,575.00              -                     -                        -                    -                    -                   -                    -   1,575.00 a. Salaries exp booked and paid. b. Cash balance reduced since salaries paid. Balance 46,202.00     436.00      3,240.00       27,500.00 27,960.00 48,000.00                 -       6,400.00 4,982.00 j     4,328.00              -                     -                        -                    -                    -                   -       4,328.00                -   a. Cash received for rendering professional services. So cash balance increased. b. Professional services trated as revenue. Balance 50,530.00     436.00      3,240.00       27,500.00 27,960.00 48,000.00                 -   10,728.00 4,982.00 k -3,700.00              -                     -                        -                    -                    -      3,700.00                  -                  -   a. Cash withdrawn. So cash balance reduced b. Withdrawn for personal use. So treated as drawings. Balance 46,830.00     436.00      3,240.00       27,500.00 27,960.00 48,000.00    3,700.00 10,728.00 4,982.00 Assets    78,006.00 Liabilities and Equity 78,006.00 a. Assets = Cash(46830)+Supplies(436)+Office Euipment(3240)+Profesional Equipment(27500) = 78006. b. Liabilities & Owners Equity = Payables(27960)+Capital(48000)-Drawings(3700)+Revenue(10728)-Expenses(4982) = 78006.