Jul. 1 Yang contributed $60,000 cash to the business in exchange for capital. 5 Paid monthly rent on medical equipment, $510. 9 Paid $16,000 cash to purchase land to be used in operations. 10 Purchased office supplies on account, $1,400. 19 Borrowed $30,000 from the bank for business use. 22 Paid $1,000 on account. 28 The business received a bill for advertising in the daily newspaper to be paid in August, $220. 31 Revenues earned during the month included $6,600 cash and $6,100 on account. 31 Paid employees' salaries $2,900, office rent $1,000, and utilities $600. Record as a compound entry. 31 The business received $1,340 for medical screening services to be performed next month. 31 Yang withdrew cash of $6,500.

Jul. 1 Yang contributed $60,000 cash to the business in exchange for capital. 5 Paid monthly rent on medical equipment, $510. 9 Paid $16,000 cash to purchase land to be used in operations. 10 Purchased office supplies on account, $1,400. 19 Borrowed $30,000 from the bank for business use. 22 Paid $1,000 on account. 28 The business received a bill for advertising in the daily newspaper to be paid in August, $220. 31 Revenues earned during the month included $6,600 cash and $6,100 on account. 31 Paid employees' salaries $2,900, office rent $1,000, and utilities $600. Record as a compound entry. 31 The business received $1,340 for medical screening services to be performed next month. 31 Yang withdrew cash of $6,500.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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