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  • Activity 11

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    Andrei Go
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    X Vet Clinic engaged in several economic transactions in January 2021, including Charles Xavier investing $30,000 in cash to start the business, agreeing to provide $6,000 in veterinary services to Q Horse Stables over the year, prepaying $600 for two months of rent, purchasing $400 of medical supplies in cash, buying $4,000 of equipment with 25% down and the rest on credit, delivering a calf on credit for $350, making a $500 payment on the equipment, and paying a $140 utility bill.

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    Activity-11

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    X Vet Clinic engaged in several economic transactions in January 2021, including Charles Xavier investing $30,000 in cash to start the business, agreeing to provide $6,000 in veterinary services to Q Horse Stables over the year, prepaying $600 for two months of rent, purchasing $400 of medical supplies in cash, buying $4,000 of equipment with 25% down and the rest on credit, delivering a calf on credit for $350, making a $500 payment on the equipment, and paying a $140 utility bill.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    63 views1 page

    Activity 11

    Uploaded by

    Andrei Go
    X Vet Clinic engaged in several economic transactions in January 2021, including Charles Xavier investing $30,000 in cash to start the business, agreeing to provide $6,000 in veterinary services to Q Horse Stables over the year, prepaying $600 for two months of rent, purchasing $400 of medical supplies in cash, buying $4,000 of equipment with 25% down and the rest on credit, delivering a calf on credit for $350, making a $500 payment on the equipment, and paying a $140 utility bill.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    Instructions:

    1. Journalize and prepare t-accounts for the transactions below.


    2. Post the transactions to the following T accounts: Cash, Accounts Receivable, Medical Supplies,
    Prepaid Rent, Equipment, Accounts Payable, C. Xavier, Capital; Veterinary Fees Earned, and
    Utilities Expense.
    3. Place your answers on an excel file.
    X Vet Clinic engaged in the following economic events during January 2021:

    January 1 Charles Xavier invested $30,000 in cash to form X Vet Clinic.


    January 2 Made an agreement to provide $6,000 in services over the next year to Q
    Horse Stables.
    January 3 Paid $600 in advance for a 2 months’ rent of an office.
    January 9 Purchased medical supplies for $400 in cash.
    January 12 Purchased $4,000 of equipment on credit; made 25 percent down payment.
    January 15 Delivered a calf for a fee of $350 on credit.
    January 18 Made a payment of $500 on the equipment purchased on January 12.
    January 27 Paid a utility bill of $140.

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