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Problem #1: Prepare an income statement, an owner’s equity statement, and a balance sheet for the accupuncture practice of Bi Loi, from the items listed below for the month of September.
Bi Loi, Capital, September 1 $42,000
Accounts payable 7,000
Service revenue 25,000
Bi Loi, Drawings 6,000
Dental supplies expense 3,500
Utilities expense 700
Dental supplies 2,800
Salaries expense 9,000
Accounts receivable 14,000
Rent expense 2,000
Problem #2: Journalize the following business transactions in general journal form. Use the journal provided on the answer sheet. Identify each transaction by number. You may omit explanations of the transactions.
1. The owner, Athena Lu, invests $35,000 in cash in starting a real estate office operating as a sole proprietorship.
2. Purchased $400 of office supplies on credit.
3. Purchased office equipment for $8,000, paying $2,000 in cash and signed a 30-day, $6,000, note payable.
4. Real estate commissions billed to clients amount to $4,000.
5. Paid $700 in cash for the current month’s rent.
6. Paid $200 cash on account for office supplies purchased in transaction 2.
7. Received a bill for $600 for advertising for the current month.
8. Paid $2,200 cash for office salaries.
9. Lu withdrew $1,200 from the business for living expenses.
10. Received a check for $3,000 from a client in payment on account for commissions billed in transaction 4.
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