Question

During October 2016, Paws Veterinary Clinic completed the following transactions:

1. Prepare the trial balance of Paws, at October 31, 2016.

Oct.	1	Paws received $30,000 cash and issued common shares to shareholders
	4	Purchased supplies, $1,000, and equipment, $2,600 on account
	5	Performed checkup services, and received cash, $1,500
	7	Paid cash to acquire land for an office site, $22,000
	11	Performed a surgery on a sick cat, and billed the customer $500
	16	Paid for the equipment, purchased Oct 4 on account
	17	Paid the telephone bill, $95
	18	Received partial payment from client on account, $250
	22	Paid the water and electricity bills, $400
	29	Received $2,000 cash for conducting a workshop on “Healthy Cat Living”
	31	Paid employee salary, $1,300
	31	Declared and paid dividends of $1,500

Answer 1

Answer	Paws Veterinary Clinic
	Trial Balance
	as on October 31, 2016
	Particulars	Debit	Credit
	Common Stock		$      30,000
	Cash	$         4,355
	Supplies	$         1,000
	Equipment	$         2,600
	Accounts Payable		$         1,000
	Land	$      22,000
	Service Revenue		$         2,500
	Telephone Expenses	$              95
	Accounts Receivable	$            250
	Water & Electricity Expenses	$            400
	Salary expenses	$         1,300
	Dividends Paid	$         1,500
	Total	$      33,500	$      33,500