Reference no: EM133012509

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.