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The Dog & Cat Hospital, owned by Kate Miller, a veterinarian, opened for business on December 1 of the current year.
Problem 1: Using the horizontal worksheet below, record the following December transactions. Total the columns to show that assets equal liabilities plus stockholders' equity as of December 31.
1. Miller opened a checking account on December 1 at Biltmore Bank in the name of The Dog & Cat Hospital and deposited $12,500 Miller received common stock for her investment.2. Paid rent for December, $750.3. Purchased office equipment on account, $1,450.4. Purchased supplies for cash, $950.5. Billed clients for services rendered, $3,650.6. Paid secretary's salary, $975.7. Paid $750 on account for the equipment purchased on December 3.8. Collected $2,900 from clients previously billed for services.9. The firm paid stockholders $1,500 cash as a dividend.
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