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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
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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the business title Victor Yang, M.D. During July, the medical practice completed the following etions.) unts: Cash; Accounts Receivable; Office Supplies; Land; Accounts Payable; Advertising Paya Requirements 1. Journalize each transaction. Explanations are not required. 2. Post the journal entries to the T-accounts, using transaction dates as posting references in the ledger accounts. Label the balance of each account Bal. 3. Prepare the trial balance of Victor Yang, M.D., as of July 31, 2017. Print Done equipment, $510. humber in the input fields and then continue to the next question. pyright 2020 Pearson Education Inc. AlI rights reserved. Terms oT Use | Privacy Poli
Transcribed Image Text:the business title Victor Yang, M.D. During July, the medical practice completed the following etions.) unts: Cash; Accounts Receivable; Office Supplies; Land; Accounts Payable; Advertising Paya Requirements 1. Journalize each transaction. Explanations are not required. 2. Post the journal entries to the T-accounts, using transaction dates as posting references in the ledger accounts. Label the balance of each account Bal. 3. Prepare the trial balance of Victor Yang, M.D., as of July 31, 2017. Print Done equipment, $510. humber in the input fields and then continue to the next question. pyright 2020 Pearson Education Inc. AlI rights reserved. Terms oT Use | Privacy Poli
More Info 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. our 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. m er Print Done Copyright © 2020 Pearson Education Inc. All rights reserved. Terms of Use Privacy Policy Perm PrtSc F10 F11 F12 F6 F7 F8 F9
Transcribed Image Text:More Info 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. our 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. m er Print Done Copyright © 2020 Pearson Education Inc. All rights reserved. Terms of Use Privacy Policy Perm PrtSc F10 F11 F12 F6 F7 F8 F9
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