Vince York practices medicine under the business title Vince York, M.D. During July, the medical practice completed the following transactions: Jul. 1 York contributed $63,000 cash to the business in exchange for capital. Paid monthly rent on medical equipment, $510. 9 Paid $23,000 cash to purchase land to be used in operations. 10 Purchased office supplies on account, $1,600. 19 Borrowed $22,000 from the bank for business use. 22 Paid $1,100 on account. The business received a bill for advertising in the daily newspaper to be paid in August, $240. 28 31 Revenues earned during the month included $6,400 cash and $6,000 on account. Paid employees' salaries $2,200, office rent $1,900, and utilities $560. Record as a compound entry. 31 The business received $1,120 for medical screening services to be performed next month. 31 31 York withdrew cash of $7,200. The business uses the following accounts: Cash; Accounts Receivable; Office Supplies; Land; Accounts Payable; Advertising Payable; Unearned Revenue; Notes Payable; York, Capital; York, 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 Vince York, M.D., as of July 31, 2018.
Vince York practices medicine under the business title Vince York, M.D. During July, the medical practice completed the following transactions: Jul. 1 York contributed $63,000 cash to the business in exchange for capital. Paid monthly rent on medical equipment, $510. 9 Paid $23,000 cash to purchase land to be used in operations. 10 Purchased office supplies on account, $1,600. 19 Borrowed $22,000 from the bank for business use. 22 Paid $1,100 on account. The business received a bill for advertising in the daily newspaper to be paid in August, $240. 28 31 Revenues earned during the month included $6,400 cash and $6,000 on account. Paid employees' salaries $2,200, office rent $1,900, and utilities $560. Record as a compound entry. 31 The business received $1,120 for medical screening services to be performed next month. 31 31 York withdrew cash of $7,200. The business uses the following accounts: Cash; Accounts Receivable; Office Supplies; Land; Accounts Payable; Advertising Payable; Unearned Revenue; Notes Payable; York, Capital; York, 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 Vince York, M.D., as of July 31, 2018.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Vince York practices medicine under the business title Vince York, M.D. During July,
the medical practice completed the following transactions:
Jul. 1
York contributed $63,000 cash to the business in exchange for capital.
Paid monthly rent on medical equipment, $510.
9
Paid $23,000 cash to purchase land to be used in operations.
10
Purchased office supplies on account, $1,600.
19
Borrowed $22,000 from the bank for business use.
22
Paid $1,100 on account.
The business received a bill for advertising in the daily newspaper to be
paid in August, $240.
28
31
Revenues earned during the month included $6,400 cash and $6,000 on
account.
Paid employees' salaries $2,200, office rent $1,900, and utilities $560.
Record as a compound entry.
31
The business received $1,120 for medical screening services to be
performed next month.
31
31
York withdrew cash of $7,200.
The business uses the following accounts: Cash; Accounts Receivable; Office Supplies;
Land; Accounts Payable; Advertising Payable; Unearned Revenue; Notes Payable;
York, Capital; York, 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 Vince York, M.D., as of July 31, 2018.
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