Concept explainers
Journalizing transactions, posting
Learning Objectives 3,4
2. Cash Balance $56,050
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. |
5 | 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,l00 on account. |
28 | The business received a bill for advertising in the daily newspaper to be paid in August, $240. |
31 | Revenues earned during the month included $6,400 cash and $6000 on account. |
31 | 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 | York withdrew cash of $7,200. |
The business uses the following accounts: Cash;
Requirements
1. Journalize each trsacton. 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 VinceYork, M.D., as of July 31, 2018.
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