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On June 1 of This Year J Larkin Optometrist Established The Larkin Eye Clinic The Clinics
On June 1 of This Year J Larkin Optometrist Established The Larkin Eye Clinic The Clinics
On June 1 of This Year J Larkin Optometrist Established The Larkin Eye Clinic The Clinics
On June 1 of this year, J. Larkin, Optometrist, established the Larkin Eye Clinic. The clinic’s
account names are
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On June 1 of this year, J. Larkin, Optometrist, established the Larkin Eye Clinic. The clinic’s...
On June 1 of this year, J. Larkin, Optometrist, established the Larkin Eye Clinic. The clinic’s
account names are presented below. Transactions completed during the month follow.
b. Paid the office rent for the month, $950, Ck. No. 1001 (Rent Expense).
d. Bought office equipment on account from NYC Office Equipment Store, $8,956.
e. Bought a computer from Warden’s Office Outfitters, $1,636, paying $750 in cash and placing
the balance on account, Ck. No. 1003.
h. Received and paid the bill for utilities, $382, Ck. No. 1005 (Utilities Expense).
i. Paid the salary of the assistant, $1,050, Ck. No. 1006 (Salary Expense).
k. Larkin withdrew cash for personal use, $1,250, Ck. No. 1007.
Required
1. In the equation, write the owner’s name above the terms Capital and Drawing.
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2. Record the transactions and the balance after each transaction. Identify the account affected
when the transaction involves revenues or expenses.
3. Write the account totals from the left side of the equal sign and add them. Write the account
totals from the right side of the equal sign and add them. If the two totals are not equal, check
the addition and subtraction. If you still cannot find the error, reanalyze each transaction.
On June 1 of this year, J. Larkin, Optometrist, established the Larkin Eye Clinic. The clinic’s...
On June 1 of this year, J. Larkin, Optometrist, established the Larkin Eye Clinic. The clinic’s
account names are presented below. Transactions completed during the month follow.
b. Paid the office rent for the month, $950, Ck. No. 1001 (Rent Expense).
d. Bought office equipment on account from NYC Office Equipment Store, $8,956.
e. Bought a computer from Warden’s Office Outfitters, $1,636, paying $750 in cash and placing
the balance on account, Ck. No. 1003.
h. Received and paid the bill for utilities, $382, Ck. No. 1005 (Utilities Expense).
i. Paid the salary of the assistant, $1,050, Ck. No. 1006 (Salary Expense).
k. Larkin withdrew cash for personal use, $1,250, Ck. No. 1007.
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Required
1. In the equation, write the owner’s name above the terms Capital and Drawing.
2. Record the transactions and the balance after each transaction. Identify the account affected
when the transaction involves revenues or expenses.
3. Write the account totals from the left side of the equal sign and add them. Write the account
totals from the right side of the equal sign and add them. If the two totals are not equal, check
the addition and subtraction. If you still cannot find the error, reanalyze each transaction.
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