Question

--/15 Question 7 View Policies Current Attempt in Progress On July 31, 2021, Lee Meche, MD, had the following balances in the ledger for his medical practice: Cash $8.760, Accounts Receivable $2,630, Supplies $530, Equipment $15.300, Notes Payable $10,590, Accounts Payable $810, L. Meche, Capital $15,000, L. Meche, Drawings $5,330, Service Revenue $9.260. Rent Expense $1,010, and Salaries Expense $2,100. Transactions during August 2021 follow: General Journal Date Account Titles Debit Credit 2021 Aug. 1 Rent Expense 1.010 Cash 1.010 10 Accounts Payable 440 Cash 12 Cash 2.580 Accounts Receivable 2.580 25 Salaries Expense 2.100 Cash 30 Notes Payable Interest Expense 65 Cash 525 31 Cash 6,180 Accounts Receivable 2,360 Service Revenue 8.540 31 L. Meche, Drawings 4,670 Cash 4.670 460 Create accounts and enter the July 31 balances. Cash Accounts Receivable Supplies Equipment

Answer 1

This question is very basic in nature.

First step is to make T accounts and write down the balances on respective sides.

Once this is done , next step is to post the transactions given in the question.

Once this is also done , last step is to calculate the closing balances.

Date Page 2 Account Receivable Baloncu 2,630 Cash 2,580 Revene sestre 2,360 - Cash N o Balance 8,760 / Rent 1,010 Receivable 2,580 payable 440 Revenue 6,180 Salary 2,100 exp 525 акому 4, 67о Balance 8,775 17520 17.520 Balance 2410 - 4990 4990 Supplies 530 Balance 4 equipments Balance 15,300 eosing 15,300 lasing 530 15.300 15.300 BC 530 530 6 Cash Notes 460 Payable Bal 10,590 Interest 65 6 Account Cash 440 Payable Balance 810 Balance 370 Balance 10,195 Pio 810 10,655 10,655

L mere Capital Date Page Balance drayings 15,000 @ L. murch Balance 5,330 Cash 4,670 Bal 10,000 closing Soool 10,000 10.000 15,000 15,ooo @ Service Revenue I Balance 9,260 Reunul 8,540 10 Bal Cash Rent 1,010 1,010 Bal 2020 Balance 17.800 - 2020 2020 1.800 17,800 12 gstrest Cash 65 Nates 65 1 Balance Cash Salaries expenses. 2,100 2,100 Balance 4,200 - 65 4,200 L 4, 200