Analyzing and journalizing transactions, posting, and preparing a trial balance Vernon Yung practices medicine under the business title Vernon Yung, M.D., P.C. During July, the medical practice completed the following transactions: July 1Yung deposited $68,000 cash in the business bank account. The business issued common stock to Yung. 5Paid monthly rent on medical equipment, $560. 9Paid $16,000 cash to purchase land for an office site. 10Purchased supplies on account, $1,600. 19Borrowed $23,000 from the bank for business use. Yung signed a note payable to the bank in the name of the business. 22Paid $1,300 on account. 31Revenues earned during the month included $6,500 cash and $5,800 on account. 31Paid employees’ salaries $2,500, office rent $1,100, and utilities $400. Make a single compound entry. 31Paid cash dividends of $7,000. The business uses the following accounts: Cash, Accounts receivable, Supplies, Land, Accounts payable, Notes payable, Common stock, Dividends, Service revenue, Salary expense, Rent expense, and Utilities expense. Requirements 1. Journalize each transaction, as shown for July 1. Explanations are not required. 2. Post the transactions to the T-accounts, using transaction dates as posting references in the ledger accounts. Label the balance of each account Bal, as shown in the chapter. 3. Prepare the trial balance of Vernon Yung, M.D., P.C., at July 31, 2023. Exercise 2.Analyzing and journalizing transactions, posting, and preparing a trial balanceVernon Yung practices medicine under the business title Vernon Yung, M.D., P.C. During July, the medical practice completedthe following transactions:July 1 Yung deposited $68,000 cash in the business bank account. The business issued common stock to Yung.5 Paid monthly rent on medical equipment, $560.9 Paid $16,000 cash to purchase land for an office site.10 Purchased supplies on account, $1,600.Borrowed $23,000 from the bank for business use. Yung signed a note payable to the bank in the name of the19 business.22 Paid $1,300 on account.31 Revenues earned during the month included $6,500 cash and $5,800 on account.31 Paid employees' salaries $2,500, office rent $1,100, and utilities $400. Make a single compound entry.31 Paid cash dividends of $7,000.The business uses the following accounts: Cash, Accounts receivable, Supplies, Land, Accounts payable, Notes payable,Common stock, Dividends, Service revenue, Salary expense, Rent expense, and Utilities expense.Requirements1. Journalize each transaction, as shown for July 1. Explanations are not required.2. Post the transactions to the T-accounts, using transaction dates as posting references in the ledger accounts. Label thebalance of each account Bal, as shown in the chapter.3. Prepare the trial balance of Vernon Yung, M.D., P.C., at July 31, 2023.

Journal Entries -Journal Entries are used to record transactions entered into by the company. It is…

Analyzing and journalizing transactions, posting, and preparing a trial balance Vernon Yung practices medicine under the business title Vernon Yung, M.D., P.C. During July, the medical practice completed the following transactions: July 1 Yung deposited $68,000 cash in the business bank account. The business issued common stock to Yung. 5 Paid monthly rent on medical equipment, $560. 9 Paid $16,000 cash to purchase land for an office site. 10 Purchased supplies on account, $1,600. 19 Borrowed $23,000 from the bank for business use. Yung signed a note payable to the bank in the name of the business. 22 Paid $1,300 on account. 31 Revenues earned during the month included $6,500 cash and $5,800 on account. 31 Paid employees’ salaries $2,500, office rent $1,100, and utilities $400. Make a single compound entry. 31 Paid cash dividends of $7,000. The business uses the following accounts: Cash, Accounts receivable, Supplies, Land, Accounts payable, Notes payable, Common stock, Dividends, Service revenue, Salary expense, Rent expense, and Utilities expense. Requirements 1. Journalize each transaction, as shown for July 1. Explanations are not required. 2. Post the transactions to the T-accounts, using transaction dates as posting references in the ledger accounts. Label the balance of each account Bal, as shown in the chapter. 3. Prepare the trial balance of Vernon Yung, M.D., P.C., at July 31, 2023.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Question

Analyzing and journalizing transactions, posting, and preparing a trial balance

Vernon Yung practices medicine under the business title Vernon Yung, M.D., P.C. During July, the medical practice completed the following transactions:

July 1	Yung deposited $68,000 cash in the business bank account. The business issued common stock to Yung.
5	Paid monthly rent on medical equipment, $560.
9	Paid $16,000 cash to purchase land for an office site.
10	Purchased supplies on account, $1,600.
19	Borrowed $23,000 from the bank for business use. Yung signed a note payable to the bank in the name of the business.
22	Paid $1,300 on account.
31	Revenues earned during the month included $6,500 cash and $5,800 on account.
31	Paid employees’ salaries $2,500, office rent $1,100, and utilities $400. Make a single compound entry.
31	Paid cash dividends of $7,000.

The business uses the following accounts: Cash, Accounts receivable, Supplies, Land, Accounts payable, Notes payable, Common stock, Dividends, Service revenue, Salary expense, Rent expense, and Utilities expense.

Requirements
1. Journalize each transaction, as shown for July 1. Explanations are not required.
2. Post the transactions to the T-accounts, using transaction dates as posting references in the ledger accounts. Label the balance of each account Bal, as shown in the chapter.
3. Prepare the trial balance of Vernon Yung, M.D., P.C., at July 31, 2023.

Exercise 2.
Analyzing and journalizing transactions, posting, and preparing a trial balance
Vernon Yung practices medicine under the business title Vernon Yung, M.D., P.C. During July, the medical practice completed
the following transactions:
July 1 Yung deposited $68,000 cash in the business bank account. The business issued common stock to Yung.
5 Paid monthly rent on medical equipment, $560.
9 Paid $16,000 cash to purchase land for an office site.
10 Purchased supplies on account, $1,600.
Borrowed $23,000 from the bank for business use. Yung signed a note payable to the bank in the name of the
19 business.
22 Paid $1,300 on account.
31 Revenues earned during the month included $6,500 cash and $5,800 on account.
31 Paid employees' salaries $2,500, office rent $1,100, and utilities $400. Make a single compound entry.
31 Paid cash dividends of $7,000.
The business uses the following accounts: Cash, Accounts receivable, Supplies, Land, Accounts payable, Notes payable,
Common stock, Dividends, Service revenue, Salary expense, Rent expense, and Utilities expense.
Requirements
1. Journalize each transaction, as shown for July 1. Explanations are not required.
2. Post the transactions to the T-accounts, using transaction dates as posting references in the ledger accounts. Label the
balance of each account Bal, as shown in the chapter.
3. Prepare the trial balance of Vernon Yung, M.D., P.C., at July 31, 2023.

Expert Solution

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.