Question

* 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 for capital. 5 Paid monthly rent on medical equipment, $560. 9 Paid $16,000 cash to purchase land to be used in operations, 10 Purchased office supplies on account, 51,300. 19 Borrowed $30,000 from the bank for business use. 22 Paid $1,200 on account. 28 The business recelved a bill for advertising in the daily newspaper to be paid in August, $310. 31 Revenues earned during the month included $6,200 cash and $5,900 on account. 31 Paid employees' salaries S2,400, office rent $1,600, and utilities $200. Record as a compound entry. 31 The business received $1,050 for medical screening services to be performed next month. 31 Yang withdrew cash of $7,100. July 5: Paid monthly rent on medical equipment, $560. Date Accounts Debit Credit Jul. S Print Done More Info July 9: Paid $16,000 cash to purchase land to be used in operations. Date Accounts Debit Credit Jul. 9 The business uses the following accounts: Cash; Accounts Receivable; Office Supplies: Land: Accounts Payable: Advertising Payable; Uneamed Revenue; Notes Payable; Yang, Capital; Yang, Withdrawals: Service Revenue: Salaries Expense; Rent Expense; Utilities Expense; and Advertising Expense. Print Done July 10: Purchased office supplies on account. $1.300. Choose from any list or enter any number in the input fields and then continue to the next question.

Answer 1

1. Journal Entries -

Credit Date Jul 1 Vincent Yang, M. D. Journal Entries Accounts Title Debit Cash $ 66,000 Yang's Capital (Being Cash Contributed in Capital) $ 66,000 Jul 5 $ 560 Rent Expense Cash (Being rent paid) $ 560 Jul 9 $ 16,000 Land Cash $ 16,000 (Being Land Purchased) Jul 10 Office Supplies $ 1,300 Accounts Payable $ 1,300 (Being Office Supplies Purchased on Account) Jul 19 $ 30,000 Cash Notes Payable (Being Borrowed fund) $ 30,000 Jul 22 Accounts Payable $ 1,200 Cash (Being Payment made on account) $ 1,200 Jul 28 Advertising Expense $ 310 Advertising Payable (Being Advertising Expense incurred) $ 310 Jul 31 Cash $ 6,200 Accounts Receivable $ 5,900 Service Revenue (Being Service revenue Earned) $ 12,100 Jul 31 Salaries Expense $ 2,400 Rent Expense $ 1,600 Utilities Expense $ 200 Cash (Being Salaries, Rent and Utilities Paid) $ 4,200 Jul 31 Cash $ 1,050 Unearned Revenue $ 1,050 (Being Cash received in advance) Jul 31 Yang's Withdrawal $ 7,100 Cash (Being cash withdrawal for personal use) $ 7,100

2. Ledgers -

Advertising Payable Jul 28 $ 310 Jul 1 Jul 19 Jul 31 Jul 31 Cash $ 66,000 Jul 5 $ 30,000 Jul 9 $ 6,200 Jul 22 $ 1,050 Jul 31 Jul 31 $ 560 $ 16,000 $ 1,200 $ 4,200 $ 7,100 cl Bal $ 310 cl Bal $ 74,190 Yang's Capital Jul 1 $ 66,000 $103,250 $103,250 cl Bal $ 66,000 Office Supplies $ 1,300 Jul 10 cl Bal $ 1,300 Service Revenue Jul 31 $ 12,100 Cl Bal $ 12,100 Accounts Receivable $ 5,900 Jul 31 cl Bal $ 5,900 Yang's Withdrawal $ 7,100 Jul 31 cl Bal $ 7,100 Land $ 16,000 Jul 9 cl Bal $ 16,000 Jul 5 Jul 31 Rent Expense $ 560 $ 1,600 Cl Bal $ 2,160 Unearned Revenue Jul 31 $ 1,050 cl Bal $ 1,050 Advertising Expense $ 310 Jul 28 cl Bal $ 310 Accounts Payable $ 1,200 Jul 10 Jul 22 $ 1,300 Cl Bal $ 100 Salaries Expense $ 2,400 Jul 31 cl Bal $ 2,400 Notes Payable Jul 19 $ 30,000 Cl Bal $ 30,000 Utilities Expense $ 200 Jul 31 Cl Bal $ 200

3. Trial Balance -

Credit Vincent Yang, M.D. Trial Balance Accounts Title Debit Cash $ 74,190 Office Supplies $ 1,300 Accounts Receivable $ 5,900 Land $ 16,000 Unearned Revenue Accounts Payable Notes Payable Advertising Payable Yang's Capital Service Revenue Yang's Withdrawal $ 7,100 Rent Expense $ 2,160 Advertising Expense $ 310 Salaries Expense $ 2,400 Utilities Expense $ 200 $ 1,050 $ 100 $ 30,000 $ 310 $ 66,000 $ 12,100 Total $ 109,560 $ 109,560