The following is the chart of accounts for Nathan Fox: The headings of Nathan Foxs synoptic journal
Question:
The headings of Nathan Foxs synoptic journal are as follows:
Required
a. Journalize the following transactions listed in the synoptic journal (beginning balances are provided in the working papers).
b. Prove the synoptic journal.
Transcribed Image Text:
Chart of Accounts Assets 111 Bank of Regina 112 Prepaid Insurance 113 Medical Supplies 121 Office Equipment 122 Accumulated Amortization, Revenue 411 Professional Fees xpenses 511 Rent Expense 512 Medical Supplies Expense 513 Salaries Expense 514 Payroll Tax Expense 515 Telephone Expense 516 Amortization Expense, Office Equipment Liabilities 211 Due to CRA 212 Other Payroll Deductions Payable Office Equipment Owner's Equity 311 N. Fox, Capital 312 N. Fox, Withdrawals 313 Income Summary 517 Insurance Expense 518 Cleaning Expense 519 Miscellaneous Expense Payroll Deductions Bank of Prof. Sal. Income Tax CPP E Med Post. Regina Chq. Fees Exp Payable Payable Payable Sup.Sundry Dr. r.NO. CrDr.Cr. Cr.Cr Dr. Dr. Cr. Date Explanation t. Transactions 2014 May Received $3,000 for patient services. Issued cheque No. 480 to Lane Drug for medical supplies, $600. 2 5 Issued cheque No. 481 to A. Realty to pay three months' insurance premiums, $1,200. 9 Received cheque for patient services, $4,500. 15 Issued the following payroll cheques to his staff EI Net Pay 607 Employee Cheque No. Gross Pay Abby Slat Jane Reeves 483 Bob Swan CPP ее $ 700 $50 $31 $12 10 482 26 21 $78 538 465 $31 $1,610 26 600 500 484 $1,800 81 19 26 27 Issued cheque No. 485 to Lane Drug for medical supplies, $400 Nathan Fox withdrew $1,700 for personal use, cheque No. 486. Fox made the necessary remittance to the CRA from payroll of May 15, cheque No. 487. (Don't forget Fox's share of CPP and EI.)
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Related Book For
College Accounting A Practical Approach
ISBN: 978-0132564441
11th Canadian Edition
Authors: Jeffrey Slater, Brian Zwicker
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