Homework Answers
1) JOURNAL ENTRIES
Date Accounts Ref. Debit ($) Credit ($)
-------------------------------------------------------------------------------------------------------------------------------------------------------
July 1 Cash 69,000
Common Stock 69,000
July 5 Rent Expense (MACHINERY EQUIPMENT) 570
Cash 570
July 9 Land 15,000
Cash 15,000
July 10 Office Supplies 1,200
Accounts payable 1,200
July 19 Cash 32,000
Notes payable 32,000
July 22 Accounts payable 1100
Cash 1100
July 28 Advertising expense 290
Advertising payable 290
July 31 Cash 7100
Accounts receivable 5700
Service Revenue 12,800
July 31 Salaries 2700
Rent (OFFICE) 1200
Utilities 250
Cash 4150
July 31 Cash 1220
Unearned revenue 1220
July 31 Dividends 7400
Cash 7400
2) T- Accounts ( AMMOUNT IN $ )
CASH
----------------------------------------------------------------------------------------------------------------------------------
July 1 Common Stock 69,000 July 5 Rent Expense 570
July 19 Notes payable 32,000 July 9 Land 15,000
July 31 Service Revenue 7,100 July 22 Accounts payable 1,100
July 31 Unearned Revenue 1,220 July 31 Salaries 2,700
July 31 Rent expense 1,200
July 31 Utilities 250
July 31 Dividends 7400
July 31 Balance c/d 81100
-------------- ---------------
109,320 109,320
------------------ ---------------
ACCOUNTS PAYABLE
------------------------------------------------------------------------------------------------------------------------------------------------
July 22 Cash 1100 July 10 Office supplies 1200
July 31 Balance c/d 100
-------------- -------------
1200 1200
---------------- ----------------------
SERVICE REVENUE
----------------------------------------------------------------------------------------------------------------------------------------------------
July 31 Cash 7100
July 31 Balance c/d 12,800 July 31 Accounts receivable 5700
----------- ----------
12,800 12,800
--------------- -----------------
ACCOUNTS RECEIVABLE
---------------------------------------------------------------------------------------------------------------------------------------------------
July 31 Service Revenue 5700
July 31 Balance c/d 5700
------------ -------------
5700 5700
---------------- ----------------
ADVERTISING PAYABLE
------------------------------------------------------------------------------------------------------------------------------------------
July 22 Advertising expense 290
July 31 Balance c/d 290
------------------ -------------
290 290
------------------ -----------------
SALARIES
-----------------------------------------------------------------------------------------------------------------------------------------------
July 31 Cash 2700
July 31 Balance c/d 2700
------------------ ------------------
2700 2700
------------------- -----------------
UNEARNED REVENUE
--------------------------------------------------------------------------------------------------------------------------------------------
July 31 Cash 1220
July 31 Balance c/d 1220
---------------- -------------
1220 1220
-------------- ---------------
RENT EXPENSE
---------------------------------------------------------------------------------------------------------------------------------------------
July 5 Cash (machine) 570
July 31 Cash ( office) 1200 July 31 Balance c/d 1770
---------------- ------------
1770 1770
------------------ ----------------
OFFICE SUPPLIES
---------------------------------------------------------------------------------------------------------------------------------------------
July 31 Accounts payable 1200
July 31 Balance c/d 1200
---------------- -------------
1200 1200
-------------- ---------------
NOTES PAYABLE
--------------------------------------------------------------------------------------------------------------------------------------
July 19 Cash 32000
July 31 Balance c/d 32000
---------------------- ------------------
32000 32000
------------------------ -------------------
UTILITIES
------------------------------------------------------------------------------------------------------------------------------------
jULY 31 Cash 250
July 31 Balance c/d 250
-------------- ------------
250 250
------------- --------------
LAND
--------------------------------------------------------------------------------------------------------------------------------------
July 31 Cash 15000
July 31 Balance c/d 15,000
----------------- ------------------
15,000 15,000
------------------- -------------------
COMMON STOCK
---------------------------------------------------------------------------------------------------------------------------------------------
July 1 Cash 69,000
July 31 Balance c/d 69,000
-------------- -----------------
69,000 69,000
------------------- --------------
DIVIDENDS
-----------------------------------------------------------------------------------------------------------------------------------------
July 31 Cash 7400
July 31 Balance c/d 7400
---------------- --------------------
7400 7400
------------------- --------------------
ADVERTISING EXPENSE
------------------------------------------------------------------------------------------------------------------------------------------
July 28 Advertising payable 290
July 31 Balance c/d 290
------------ -------------
290 290
------------- -------------
3) VINCENT YANG M.D
TRIAL BALANCE JULY 31, 2018
----------------------------------------------------------------------------------------------------------------------------------------------------
ACCOUNTS TITLE BALANCE
DEBIT ($) CREDIT($)
-------------------------------------------------------------------------------------------------------------------------------------------------------
CASH 81,100
ACCOUNTS PAYABLE 100
SERVICE REVENUE 12,800
ACCOUNTS RECEIVABLE 5,700
ADVERTISING PAYABLE 290
SALARIES 2,700
UNEARNED REVENUE 1220
RENT EXPENSE 1,770
OFFICE SUPPLIES 1,200
NOTES PAYABLE 32,000
UTILITIES 250
LAND 15,000
COMMON STOCK 69,000
ADVERTISING EXPENSE 290
DIVIDENDS 7,400
---------------- ------------------
115,410 115,410
--------------------- ------------------
Add Answer to:
Vincent Yang, M.U. Dunny July, de MC (Click the icon to view the accounts used by...
More INTO ons are not req in exchange for Jul. 1 Yang contributed $69,000 cash to...
More INTO ons are not req in exchange for Jul. 1 Yang contributed $69,000 cash to the business in exchange for common stock. 5 Paid monthly rent on medical equipment, $570. 9 Paid $15,000 cash to purchase land to be used in operations. 10 Purchased office supplies on account, $1,200. 19 Borrowed $32,000 from the bank for business use. 22 Paid $1,100 on account. 28 The business received a bill for advertising in the daily newspaper to be paid in...
pls help asap Victor Young practices medicine under the business title Victor Young, M.D. During July,...
pls
help asap
Victor Young practices medicine under the business title Victor Young, M.D. During July, the medical practice completed the following transactions: i (Click the icon to view the transactions.) i (Click the icon to view the accounts used by the business.) Read the requirements. Requirement 1. Joumalize each transaction. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) July 1: Young contributed $67,000 cash to the business in exchange for common stock Date...
* More Info (CI Vincent Yang practices medicine under the business title Vincent Yang, M. D....
* More Info (CI Vincent Yang practices medicine under the business title Vincent Yang, M. D. During July, the medical practice completed the following transactions: (Click the icon to view the transactions.) Read tt Requirement 1. Journalize each transaction. Explanations are not required. (Record debits first, then credits. Exclude explanations July 1: Yang contributed $66,000 cash to the business in exchange for capital. Date Accounts Debit Credit Jul. 1 Jul. 1 Yang contributed $66,000 cash to the business in exchange...
practices medicine under the business title M. D. During July, the medical practice - following transactions:...
practices medicine under the business title M. D. During July, the medical practice - following transactions: icon to view the transactions.) (Click the icon to view the company accounts.) Read the requirements. More Info Jul, 1 Yardley contributed $70,000 cash to the business in exchange for capital. 5 Paid monthly rent on medical equipment, $540. 9 Paid $14,000 cash to purchase land to be used in operations. 10 Purchased office supplies on account, $1,700. 19 Borrowed $27,000 from the bank...
Please need help! During July, Smith Veterinary Clinic Ltd. completed the following transactions: (Click the icon...
Please need help!
During July, Smith Veterinary Clinic Ltd. completed the following transactions: (Click the icon to view the transactions.) The clinic uses the following accounts: Cash, Accounts Receivable, Supplies, Land, Accounts Payable, Notes Payable, Common Shares, Dividends, Service Revenue, Salary Expense, Rent Expense, Utilities Expense, and Advertising Expense. Required 1. Journalize each transaction of Smith Veterinary Clinic Ltd. Explanations are not required. 2. Post to these T-accounts: Cash, Accounts Payable, and Notes Payable. 3. After these transactions, how much...
Jul. 1 Yang contributed $70,000 cash to the business in exchange for capital. 5 Paid monthly rent on medical equipment,...
Jul. 1 Yang contributed $70,000 cash to the business in exchange for capital. 5 Paid monthly rent on medical equipment, $590. 9 Paid $19,000 cash to purchase land to be used in operations. 10 Purchased office supplies on account, $1,500. 19 Borrowed $21,000 from the bank for business use. 22 Paid $900 on account. 28 The business received a bill for advertising in the daily newspaper to be paid in August, $260. 31 Revenues earned during the month included $6,800...
Consider the following payable transactions of Catico Video Productions Click the icon to view the transactions)...
Consider the following payable transactions of Catico Video Productions Click the icon to view the transactions) Journalize the transactions for the company Record debitis first the credits Select the explanation on the last line of the jumal entry table) 1. 2017 Purchased e m ent costing $52.000 by issuing a one-year 9 note payable Accounts and explanation Debit 1 More info Jut 2017 1 Purchased equipment conting 32.000 by issuing a one-year 9% note payable Dec 31 Accrued interest on...
ACCT 200 - SPRING 2020 Quiz: MAL Quiz 2 This Question: 17 pts Joseph Wilmot practices...
ACCT 200 - SPRING 2020 Quiz: MAL Quiz 2 This Question: 17 pts Joseph Wilmot practices medicine under the business title Joseph Wilmot, M. D. During July, the medica A (Click the icon to view the transactions.) A (Click the icon to view the accounts used t Read the requirements. Requirement 1. Journalize each transaction. Explanations are not required. (Record debits first, then cre July 1: Wilmot contributed $69,000 cash to the business in exchange for common stock. Date Accounts...
Selected accounts of Sparkle Electrical, Inc., at April 30, 2018, follow. B (Click the icon to...
Selected accounts of Sparkle Electrical, Inc., at April 30, 2018, follow. B (Click the icon to view the accounts.) Read the requirements Requirement 1. Prepare the entity's closing entries, Begin by closing out the revenue accounts. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit Apr Close out the expense accounts Journal Entry Account Nate Nehit Credit Choose from any list or enter any number in the input fields and then continue...
The worksheet of Best Jobs Employment Service follows but is incomplete. Click the icon the view...
The worksheet of Best Jobs Employment Service follows but is incomplete. Click the icon the view the worksheet.) The following data at April 30, 2024 are given for Best Jobs Employment Service: Click the icon to view the additional information) Read the requirements April 30, 2024 Unadjusted Trial Balance Adjustments Account Names Debit Credit Debit Credit Adjusted Trial Balance Debit Credit Cash $ 1,100 4,100 Accounts Receivable 1,200 32,700 Office Supplies Equipment Accumulated Depreciation Equipment Salaries Payable $ 13,900 Common...
More INTO ons are not req in exchange for Jul. 1 Yang contributed $69,000 cash to the business in exchange for common stock. 5 Paid monthly rent on medical equipment, $570. 9 Paid $15,000 cash to purchase land to be used in operations. 10 Purchased office supplies on account, $1,200. 19 Borrowed $32,000 from the bank for business use. 22 Paid $1,100 on account. 28 The business received a bill for advertising in the daily newspaper to be paid in...
pls
help asap
Victor Young practices medicine under the business title Victor Young, M.D. During July, the medical practice completed the following transactions: i (Click the icon to view the transactions.) i (Click the icon to view the accounts used by the business.) Read the requirements. Requirement 1. Joumalize each transaction. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) July 1: Young contributed $67,000 cash to the business in exchange for common stock Date...
* More Info (CI Vincent Yang practices medicine under the business title Vincent Yang, M. D. During July, the medical practice completed the following transactions: (Click the icon to view the transactions.) Read tt Requirement 1. Journalize each transaction. Explanations are not required. (Record debits first, then credits. Exclude explanations July 1: Yang contributed $66,000 cash to the business in exchange for capital. Date Accounts Debit Credit Jul. 1 Jul. 1 Yang contributed $66,000 cash to the business in exchange...
practices medicine under the business title M. D. During July, the medical practice - following transactions: icon to view the transactions.) (Click the icon to view the company accounts.) Read the requirements. More Info Jul, 1 Yardley contributed $70,000 cash to the business in exchange for capital. 5 Paid monthly rent on medical equipment, $540. 9 Paid $14,000 cash to purchase land to be used in operations. 10 Purchased office supplies on account, $1,700. 19 Borrowed $27,000 from the bank...
Please need help!
During July, Smith Veterinary Clinic Ltd. completed the following transactions: (Click the icon to view the transactions.) The clinic uses the following accounts: Cash, Accounts Receivable, Supplies, Land, Accounts Payable, Notes Payable, Common Shares, Dividends, Service Revenue, Salary Expense, Rent Expense, Utilities Expense, and Advertising Expense. Required 1. Journalize each transaction of Smith Veterinary Clinic Ltd. Explanations are not required. 2. Post to these T-accounts: Cash, Accounts Payable, and Notes Payable. 3. After these transactions, how much...
Jul. 1 Yang contributed $70,000 cash to the business in exchange for capital. 5 Paid monthly rent on medical equipment, $590. 9 Paid $19,000 cash to purchase land to be used in operations. 10 Purchased office supplies on account, $1,500. 19 Borrowed $21,000 from the bank for business use. 22 Paid $900 on account. 28 The business received a bill for advertising in the daily newspaper to be paid in August, $260. 31 Revenues earned during the month included $6,800...
Consider the following payable transactions of Catico Video Productions Click the icon to view the transactions) Journalize the transactions for the company Record debitis first the credits Select the explanation on the last line of the jumal entry table) 1. 2017 Purchased e m ent costing $52.000 by issuing a one-year 9 note payable Accounts and explanation Debit 1 More info Jut 2017 1 Purchased equipment conting 32.000 by issuing a one-year 9% note payable Dec 31 Accrued interest on...
ACCT 200 - SPRING 2020 Quiz: MAL Quiz 2 This Question: 17 pts Joseph Wilmot practices medicine under the business title Joseph Wilmot, M. D. During July, the medica A (Click the icon to view the transactions.) A (Click the icon to view the accounts used t Read the requirements. Requirement 1. Journalize each transaction. Explanations are not required. (Record debits first, then cre July 1: Wilmot contributed $69,000 cash to the business in exchange for common stock. Date Accounts...
Selected accounts of Sparkle Electrical, Inc., at April 30, 2018, follow. B (Click the icon to view the accounts.) Read the requirements Requirement 1. Prepare the entity's closing entries, Begin by closing out the revenue accounts. (Record debits first, then credits. Exclude explanations from any journal entries.) Journal Entry Date Accounts Debit Credit Apr Close out the expense accounts Journal Entry Account Nate Nehit Credit Choose from any list or enter any number in the input fields and then continue...
The worksheet of Best Jobs Employment Service follows but is incomplete. Click the icon the view the worksheet.) The following data at April 30, 2024 are given for Best Jobs Employment Service: Click the icon to view the additional information) Read the requirements April 30, 2024 Unadjusted Trial Balance Adjustments Account Names Debit Credit Debit Credit Adjusted Trial Balance Debit Credit Cash $ 1,100 4,100 Accounts Receivable 1,200 32,700 Office Supplies Equipment Accumulated Depreciation Equipment Salaries Payable $ 13,900 Common...
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