Question

Journal entries for the following transactions:
1-The clinic purchased a delivery van for $20,000. They paid cash at the time of purchase.
2-The clinic purchased radiology equipment for $55,000. They paid $10,000 at the time of purchase and took out a loan for the balance of the purchase price.
3-The clinic purchased medical supplies on account for $10,000. No cash was expended at that time.
4-The clinic billed $50,000 this month for patient services rendered. Please record the revenue for the month in question.
5-The clinic received $35,000 in cash for patient services this month. Please record the receipt of this cash.

Answer 1

Golden Rules:

Personal A/c:

Dr . Receiver

Cr. Giver

Real A/c:

Dr. What Comes in

Cr. What goes Out

Nominal A/c:

Dr. All Exp or Losses

Cr . All Income or Gain

JE	Dr/ Cr	Particulars	Dr Amount	Cr Amount
1	Dr	Delivery Van	$ 20,000.00
	Cr	Cash		$ 20,000.00
2	Dr	Radialogy Equipment	$ 55,000.00
	Cr	Cash		$ 10,000.00
	Cr	Loan		$ 45,000.00
3	Dr	Purchase	$ 10,000.00
	Cr	Creditors		$ 10,000.00
4	Dr	Debtors	$ 50,000.00
	Cr	Revenue		$ 50,000.00
5	Dr	cash	$ 35,000.00
	Cr	Debtors		$ 35,000.00