Question

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 Accounts Debit Credit Jul. 1 July 5: Paid monthly rent on medical equipment, $580. Debit Credit Date Accounts Jul. 5

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Answer 1

A D Journal Entries 1 Debit (S) Credti (S) Account Titles Date 2 Cash 1-Jul 67,000 67,000 Common Stock 4 (To record the Cash invested) Rent Expense 5 5-Jul 580 6 Cash 580 7 (To record the Rent paid on Equipment) 8 9-Jul Land $14,000 14,000 Cash 10 (To record the Land Purchased) Office Supplies 11 $ 1,800 10-Jul 12 Accounts Payable (To record the supplies purchased on account) 1,800 13 14 19-Jul Cash $30,000 15 Notes Payable 30,000 16 (To record the Loan taken from bank) 17 22-Jul Accounts Payable 1,500 18 Cash 1,500 19 (To record the Cash paid to supplier) 20 28-Jul Advertising Expense 250 21 Advertising Payable 250 22 (To record the advetising bill received) 31-Jul Cash 23 6,200 24 Accounts Receivable 6,300 25 Service Revenue 12,500 26 (To record the services provided) Salaries Expense Rent Expense Utilities Expense 27 31-Jul 2,400 28 1,800 29 200 30 Cash 4,400 31 (To record the Expenses paid) Cash 32 $ 1,340 31-Jul 33 Unearned Revenue 1,340 34 (To record the Advance paid) Dividends 35 31-Jul 6,500 36 Cash 6,500 37 (To record the Dividends paid) 38 39 A et

G M S I J K N C R T Cash Accounts Payable Service Revenue 1 1-Jul $ 5-Jul $ 22-Jul 10-Jul $ 31-Jul 67,000 580 1,500 1,800 12,500 2 End. Bal. End. Bal. 19-Jul 9-Jul 300 12,500 30,000 14,000 3 31-Jul 22-Jul $ 6,200 1,500 Salaries Expense 31-Jul 31-Jul Advertising Payable 1,340 4,400 5 31-Jul 6,500 28-Jul 31-Jul 2.400 250 6 End. Bal. End. Bal $ $ 250 End. Bal S 2,400 77,560 7 8 Unearned Revenue Rent Expense Accounts Receivable 9 31-Jul 31-Jul 6,300 1.340 5-Jul 580 10 31-Jul 1,800 11 12 End. Bal. $ 6,300 End. Bal. $ 1.340 End. Bal. $ 2,380 13 Office Supplies Notes Payable Utilities Expense 14 19-Jul 10-Jul $ $ 31-Jul 1,800 30,000 200 15 16 End. Bal. 1,800 End. Bal. 30,000 End. Bal $ 200 17 Advertising Expense Land Common Stock 18 9-Jul 1-Jul 28-Jul 19 14,000 67,000 250 End. Bal. 20 End. Bal. $ 14,000 67,000 End. Bal. $ 250 21 Dividends 22 31-Jul S 23 6,500 End. Bal. $ 6,500 24 25

V X Trial Balance 1 Debit (S) Credit ($) Account Titles 2 3 Cash 4 Accounts Receivable 5 Office Supplies 6 Land 7 Accounts Payable 8Advertising Payable 9 Unearned Revenue 10 Notes Payable 11 Common Stock 77,560 6,300 $ 1,800 $ 14,000 300 $ 250 1,340 30,000 $ 67,000 12 Dividends $ 6,500 13 Service Revenue 14 Salaries Expense 15 Rent Expense 16 Utilities Expense 17 Advertising Expense $ 12,500 $ 2,400 2,380 200 250 18 19 Totals S 111,390 111,390 201 GAGA EA