104 chapter 2> Problems Group BLearning Objectives 3, 4P2-35B Journalizing transactions, posting journal entries to T-accounts, andpreparing a trial balanceVictor Yang practices medicine under the business title Victor Yang, M.D. DuringMarch, the medical practice completed the following transactions:2. Cash Balance S69,680Yang contributed $62,000 cash to the business in exchange forcapital.Mar. 1Paid monthly rent on medical equipment, $570.9Paid $14,000 cash to purchase land to be used in operations.10Purchased office supplies on account, $1,500.19Borrowed $27,000 from the bank for business use.22Paid $1,400 on account.The business received a bill for advertising in the daily newspaper tobe paid in April, $220.28Revenues earned during the month included $6,700 cash and $5,800on account.3131 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 beperformed next month.3131Yang withdrew cash of $7,100The 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.Requirements1. Journalize each transaction. Explanations are not required.2. Post the journal entries to the T-accounts, using transaction dates as postingreferences 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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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

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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REQUIRED: JOURNAL ENTRIES AND TRIAL BALANCE
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