Reference no: EM132572697
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
Problem 1: Record each transaction in the journal. Key each transaction by date. Explanations are not required.
Problem 2: Prepare the trial balance of Paws at October 31, 2016.