Question

Question 4

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

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

1.    Record each transaction in the journal. Key each transaction by date. Explanations are not required.
2.    Prepare the trial balance of Paws at October 31, 2016.

Answer 1

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