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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 5 Paid monthly rent on medical equipment, $570. Paid $14,000 cash to purchase land to be used in operations. Purchased office supplies on account, $1,500. 10

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 5 Paid monthly rent on medical equipment, $570. Paid $14,000 cash to purchase land to be used in operations. Purchased office supplies on account, $1,500. 10

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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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
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
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Journal entry is the primary entry that records the financial transactions initially.

 

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