Jul. 1 Yang contributed $68,000 cash to the business in exchange for common stock.
Jul. 5 Paid monthly rent on medical equipment, $520.
Jul. 9 Paid $20,000 cash to purchase land to be used in operations.
Jul. 10 Purchased office supplies on account, $1,700.
Jul. 19 Borrowed $20,000 from the bank for business use.
Jul. 22 Paid $1,100 on account.
Jul. 28 The business received a bill for advertising in the daily newspaper to be paid in August, $200.
Jul. 31 Revenues earned during the month included $6,200 cash and $5,600 on account.
Jul. 31 Paid employees' salaries $2,900, office rent $700, and utilities $250. Record as a compound entry.
Jul. 31 The business received $1,190 for medical screening services to be performed next month.
Jul. 31 Paid cash dividends of $7,300.
Required:
a. Journalize each transaction. Explanations are not required.
b. Post the journal entries to the T-accounts, using transaction dates as posting references in the ledger accounts.
c. Prepare the trial balance of Vernon Yung, M. D. as of July 31, 2018.
Answers: 2
Business, 22.06.2019 20:40, lulustar13
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Answers: 1
Business, 22.06.2019 22:10, ggg509
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Business, 22.06.2019 22:30, nevejames07
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Jul. 1 Yang contributed $68,000 cash to the business in exchange for common stock.
Jul. 5 Paid mont...
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