P2-35B Journalizing transactions, posting journal entries to T-accounts, and preparing a trial balance Learning Objectives 3, 4 2. Cash Balance $69,680 Victor Yang practices medicine under the business title Victor Yang, M.D. During March, the medical practice completed the following transactions: Mar. 1 Yang contributed $62,000 cash to the business in exchange for capital. 5 Paid monthly rent on medical equipment, $570. 9 Paid $14,000 cash to purchase land to be used in operations. Purchased office supplies on account, $1,500. Borrowed $27,000 from the bank for business use. Paid $1,400 on account. The business received a bill for advertising in the daily newspaper to be paid in April, $220. Revenues earned during the month included $6,700 cash and $5,800 on account. Paid employees' salaries $2,100, office rent $1,500, and utilities $350. Record as a compound entry. The business received $1,000 for medical screening services to be performed next month. 10 19 22 28 31 31 31 31 Yang withdrew cash of $7,100 The business uses the following accounts: Cash; Accounts Receivable; Office Supplies; Land; Accounts Payable; Advertising Payable; Unearned Revenue; Notes Payable; Yang, Capital; Yang, Withdrawals; Service Revenue; Salaries Expense; Rent Expense; Utilities Expense; and Advertising Expense. 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 March 31, 2018.
P2-35B Journalizing transactions, posting journal entries to T-accounts, and preparing a trial balance Learning Objectives 3, 4 2. Cash Balance $69,680 Victor Yang practices medicine under the business title Victor Yang, M.D. During March, the medical practice completed the following transactions: Mar. 1 Yang contributed $62,000 cash to the business in exchange for capital. 5 Paid monthly rent on medical equipment, $570. 9 Paid $14,000 cash to purchase land to be used in operations. Purchased office supplies on account, $1,500. Borrowed $27,000 from the bank for business use. Paid $1,400 on account. The business received a bill for advertising in the daily newspaper to be paid in April, $220. Revenues earned during the month included $6,700 cash and $5,800 on account. Paid employees' salaries $2,100, office rent $1,500, and utilities $350. Record as a compound entry. The business received $1,000 for medical screening services to be performed next month. 10 19 22 28 31 31 31 31 Yang withdrew cash of $7,100 The business uses the following accounts: Cash; Accounts Receivable; Office Supplies; Land; Accounts Payable; Advertising Payable; Unearned Revenue; Notes Payable; Yang, Capital; Yang, Withdrawals; Service Revenue; Salaries Expense; Rent Expense; Utilities Expense; and Advertising Expense. 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 March 31, 2018.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:**Problems (Group B)**
**P2-35B Journalizing transactions, posting journal entries to T-accounts, and preparing a trial balance**
**Learning Objectives 3, 4**
**2. Cash Balance $69,680**
Victor Yang practices medicine under the business title Victor Yang, M.D. During March, the medical practice completed the following transactions:
**Mar. 1** - Yang contributed $62,000 cash to the business in exchange for capital.
**Mar. 5** - Paid monthly rent on medical equipment, $570.
**Mar. 9** - Paid $14,000 cash to purchase land to be used in operations.
**Mar. 10** - Purchased office supplies on account, $1,500.
**Mar. 19** - Borrowed $27,000 from the bank for business use.
**Mar. 22** - Paid $1,400 on account.
**Mar. 28** - The business received a bill for advertising in the daily newspaper to be paid in April, $220.
**Mar. 31** - Revenues earned during the month included $6,700 cash and $5,800 on account.
**Mar. 31** - Paid employees’ salaries $2,100, office rent $1,500, and utilities $350. Record as a compound entry.
**Mar. 31** - The business received $1,000 for medical screening services to be performed next month.
**Mar. 31** - Yang withdrew cash of $7,100.
The business uses the following accounts: Cash; Accounts Receivable; Office Supplies; Land; Accounts Payable; Advertising Payable; Unearned Revenue; Notes Payable; Yang, Capital; Yang, Withdrawals; Service Revenue; Salaries Expense; Rent Expense; Utilities Expense; and Advertising Expense.
**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 March 31, 2018.
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**Explanation of Graphs/Diagrams:**
There are no graphs or diagrams included in the provided text. The text primarily consists of a list of transactions and instructions for completing accounting tasks involving journal entries, posting to T-accounts, and
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