P2-35B Journalizing transactions, posting journal entries to T-accounts, and preparing a trial balance Victor Yang practices medicine under the business title Victor Yang, M.D. During March, the medical practice completed the following transactions: Yang contributed $62,000 cash to the business in exchange for capital. Mar. 1 Paid monthly rent on medical equipment, $570. 9 Paid $14,000 cash to purchase land to be used in operations. 10 Purchased office supplies on account, $1,500. 19 Borrowed $27,000 from the bank for business use. 22 Paid $1,400 on account. The business received a bill for advertising in the daily newspaper to be paid in April, $220. 28 Revenues earned during the month included $6,700 cash and $5,800 on account. 31 31 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. 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; Scrvice 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 Victor Yang practices medicine under the business title Victor Yang, M.D. During March, the medical practice completed the following transactions: Yang contributed $62,000 cash to the business in exchange for capital. Mar. 1 Paid monthly rent on medical equipment, $570. 9 Paid $14,000 cash to purchase land to be used in operations. 10 Purchased office supplies on account, $1,500. 19 Borrowed $27,000 from the bank for business use. 22 Paid $1,400 on account. The business received a bill for advertising in the daily newspaper to be paid in April, $220. 28 Revenues earned during the month included $6,700 cash and $5,800 on account. 31 31 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. 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; Scrvice 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
Problem 1Q
Related questions
Question
100%
2nd one also need answers i donot how i posted sepated as all same so i post 2 times
Transcribed Image Text:104 chapter 2
> Problems Group B
Learning Objectives 3, 4
P2-35B Journalizing transactions, posting journal entries to T-accounts, and
preparing a trial balance
Victor Yang practices medicine under the business title Victor Yang, M.D. During
March, the medical practice completed the following transactions:
2. Cash Balance S69,680
Yang contributed $62,000 cash to the business in exchange for
capital.
Mar. 1
Paid monthly rent on medical equipment, $570.
9
Paid $14,000 cash to purchase land to be used in operations.
10
Purchased office supplies on account, $1,500.
19
Borrowed $27,000 from the bank for business use.
22
Paid $1,400 on account.
The business received a bill for advertising in the daily newspaper to
be paid in April, $220.
28
Revenues earned during the month included $6,700 cash and $5,800
on account.
31
31 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.
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; Scrvice 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.
CHAPTER 2
Expert Solution
Step 1 Rules of Accounting :
Take a look at the three main rules of accounting:
- Debit what comes in and credit what goes out.
- Debit the receiver and credit the giver.
- Debit expenses and losses, credit income and gains.
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
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.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education