(L. OBJ. 2, 3, 4, 5) Analyzing and journalizing transactions, posting, and preparing a t...

(L. OBJ. 2, 3, 4, 5) Analyzing and journalizing transactions, posting, and preparing a trial balance [45—60 min]

William White practices medicine under the business title William White, M.D. During January, the medical practice completed the following transactions:

The business uses the following accounts: Cash; Accounts receivable; Supplies; Land; Accounts payable; Notes payable; William White, Capital; William White, Withdrawals; Service revenue; Salary expense; Rent expense; Utilities expense.

Requirements

1. Journalize each transaction, as shown for January 1. Explanations are not required.

2. Post the transactions to the T-accounts, using transaction dates as pasting references in the ledger accounts. Label the balance of each account Bal, as shown in the chapter.

3. Prepare the trial balance of William White, M.D., at January 31, 2010.