CASE 1: John Davidson started her practice as a registered interior designer on February 3 of the current year. During the first month of operations, the business completed the following transactions:

Feb 3 Davidson contributed $83000 cash and office furniture with a fair market value of $ 5000 from her personal bank account to a business account titled John Davidson, Dietician.

Feb 7 Purchased supplies on account; $740

Feb 11 Performed services for a hospital $2100; received $800 immediately in cash and submitted a bill for the rest of the amount, $1300

Feb 15 Paid secretary's salary, $900

Feb 20 Received partial collection from client on account $600 (issued on Feb 11)

Feb 22 Davidson purchased a computer for himself at a cost of $2,000, paid cash from personal funds.

Feb23 The Business received $ 1000 for interior services to be performed next month

Feb 25 Borrowed $13000 from the bank for business use

1) Refer to case 1 After all of the transactions, How much is the Debit or Credit balance in the trial balance?

2) Refer to case 1 After all of the transactions, how much is the Total Assets?

3) Refer to case 1After all of the transactions, How much is the A/P balance in the trial balance?

4) Refer to case 1 After all of the transactions, How much is the cash balance at the end of the period?

5) Refer to case 1After all of the transactions, How much is the Revenue balance?

6) Refer to case 1After all of the transactions, How much is the Net Income?

7) Refer to case 1After all of the transactions, How much is the Total Liabilities?

8) Refer to case 1 Which of the following is journal entry for Feb 22?

A. No effect

B. Eqipment 2000

Cash 2000

C. Expenses 2000

Cash 2000

D. none of them

E. Cash 2000

Revenue 2000

(2). The owner makes a withdrawal from Aventis Company. How does this transaction affect the account

A. The assets, liabilities, and equity remain the same.

B. The assets increase and liabilities decrease.

C. The assets decrease and equity decreases.

D. The assets decrease and equity increases.