Chapter 2, Problem P2.29APGA

Journalizing transactions, posting journal entries to T-accounts, and preparing a trial balance
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; Accounts Receivable; Office Supplies; Lad; Accounts Payable; Advertising Payable; Unearned Revenue; Noties Payable; York, Capital; York, Withdrawals; Sevice Revenue; Salaries Expense; Rent Expense; Utilities Expense; and Advertising Expense.
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.