Scribd
Upload
45 views

The Chart of Accounts of Ethan Academy Is Shown Here: Unlock Answers Here Solutiondone - Online

Ethan Academy's chart of accounts and December transactions are presented. The chart lists asset, liability, owner's equity, revenue and expense accounts. In December, the academy paid insurance, rent and phone bills, bought equipment, received tuition payments, and paid salaries and expenses. Owner R. Ethan also withdrew personal funds.

Uploaded by

trilocksp Singh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
45 views

The Chart of Accounts of Ethan Academy Is Shown Here: Unlock Answers Here Solutiondone - Online

Ethan Academy's chart of accounts and December transactions are presented. The chart lists asset, liability, owner's equity, revenue and expense accounts. In December, the academy paid insurance, rent and phone bills, bought equipment, received tuition payments, and paid salaries and expenses. Owner R. Ethan also withdrew personal funds.

Uploaded by

trilocksp Singh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 1

The chart of accounts of Ethan Academy is shown here

The chart of accounts of Ethan Academy is shown here

The chart of accounts of Ethan Academy is shown here, followed by the transactions that
took place during December of this year.
Assets
111 Cash
113 Accounts Receivable
114 Supplies
115 Prepaid Insurance
124 Equipment
127 Furniture
Liabilities
221 Accounts Payable
Owner's Equity
311 R. Ethan, Capital
312 R. Ethan, Drawing
Revenue
411 Tuition Income
Expenses
511 Salary Expense
512 Rent Expense
513 Gas and Oil Expense
514 Advertising Expense
515 Repair Expense
516 Telephone Expense
517 Utilities Expense
529 Miscellaneous Expense
Dec. 1 Bought liability insurance for one year, $2,260, Ck. No. 1627.
11 Received a bill for advertising from the City News, $415, Statement No. 4267.
12 Paid the rent for the current month, $1,850, Ck. No. 1628.
13 Received a bill for equipment repair from Electronic Services, $345, Inv. No. 547.
16 Received and deposited tuition from students, $5,850.
17 Received and paid the telephone bill, $305, Ck. No. 1629.
Dec. 18 Bought desks and chairs from School Furniture, $1,625, paying $625 in cash and
placing the balance on account, Ck. No. 1630.
20 Paid on account to the City News, $415, Statement No. 4267, Ck. No. 1631.
21 R. Ethan withdrew $1,000 for personal use, Ck. No. 1632.
26 Received a bill for gas and oil from Discount Oil Company, $210, Inv. No. 591.
27 Received and deposited tuition from students, $6,045.
31 Paid the salary of the office assistant, $1,375, Ck. No. 1633.
31 Bought a fax machine on account from EquipCo, $118, Inv. No. 529.
31 Received $1,150 tuition from a student who had charged the tuition on account last month.
31 Received and paid the bill for utilities, $470, Ck. No. 1634.

Unlock answers here solutiondone.online

You might also like