Question

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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 cash does the business have? How much in total liabilities does it owe? Requirement 1. Journalize each transaction of Smith Veterinary Clinic Ltd. Explanations are not required. (Record debits first, then credits. Explanations are not required.) Start with the transaction on July 1st. Record the transaction for Dr. Smith depositing $22,000 cash and the business issuing common shares to her Journal Entry Debit Credit Date Accounts Jul Record the payment of monthly rent on July 5th, $1,900. Journal Entry Date Accounts Debit Credit Jul Choose from any list or enter any number in the input fields and then continue to the next question.

Answer 1

Smith Veterinary Clinic Ltd. Service Revenue Jul-31 22500 Journal Entry Date Particulars Jul-01 Cash Common Stock (Common stock issued) Debit in $ Credit in $ 22000 22000 Jul-01 Jul-22 Jul-31 1900 8000 Bal. 22500 750 22500 22500 Cash 22000 Jul-05 18500 Jul-09 14500 Jul-19 Jul-31 Jul-31 Bal. 55000 5500 2000 1900 36850 Jul-31 Jul-05 Rent Expense Cash (Rent paid) Salaries Expense 32001 Bal. 1900 55000 3200 3200 3200 Jul-09 39000 22000 Common Stock Jul-01 22000 22000 8000 Bal. Land Cash Note Payable (Land purchased) Jul-31 Advertising Expense 12001 Bal. 1200 31000 22000 1200 1200 Rent Expense 1000 Jul-05 1900 Jul-10 Supplies Accounts Payable (Supplies on account) 1000 Bal. . 1900 Jul-31 Utilities Expense 1100 Bal. 1900 1900 1100 1100 1100 750 Land Jul-19 Accounts Payable Cash (Creditors paid) 750 Jul-09 39000 Bal. Jul-31 39000 39000 Cash Dividend 2000 Bal. 39000 2000 18500 2000 2000 Jul-22 Cash Note Payable (Cash borrowed) 18500 Note Payable Jul-09 49500 Jul-22 49500 Requirement 3 Bal. 31000 18500 49500 14500 Cash Balance 36850 8000 Jul-31 Cash Accounts Receivable Service Revenue (Services provided) 22500 Jul-10 Supplies 1000 Bal. 1000 Total Liabilities Accounts Payable Note Payable 250 1000 1000 49500 49750 3200 1200 Jul-31 Salaries Expense Advertising Expense Utilities Expense Cash (Expense paid) 1100 5500 Accounts Payable 750 Jul-10 250 Jul-19 Bal. 1000 1000 1000 2000 Jul-31 Cash Dividend Cash (Dividend paid) 2000 Jul-31 Accounts Receivable 8000l Bal. 8000 8000 8000