P2-29A purnalizing transactions, posting journal entries to T-accounts, and preparing a trial balance Vince York practices medicine under the business title Vince York, M.D. During July, the medical...

Extracted text: P2-29A purnalizing transactions, posting journal entries to T-accounts, and preparing a trial balance Vince York practices medicine under the business title Vince York, M.D. During July, the medical practice completed the following transactions: York contributed $63,000 cash to the business in exchange for common stock. Jul. 1 5 Paid monthly rent on medical equipment, $510. 9 Paid $23,000 cash to purchase land to be used in operations. 10 Purchased office supplies on account, $1,600. 19 Borrowed $22,000 from the bank for business use. 22 Paid $1,100 on account. The business received a bill for advertising in the daily newspaper to be paid in August, $240. 28 31 Revenues earned during the month included $6,400 cash and $6,000 on account. Paid employees' salaries $2,200, office rent $1,900, and utilities $560. Record as a compound entry. 31 The business received $1,120 for medical screening services to be performed next month. 31 31 Paid cash dividends of $7,200. The business uses the following accounts: Cash; Accounts Receivable; Office Supplies; Land; Accounts Payable; Advertising Payable; Unearned Revenue; Notes Payable; Common Stock; Dividends; Service Revenue; Salaries Expense; Rent Expense; Utilities Expense; and Advertising Expense. Requirements 1. Journalize each transaction. Explanations are not required. 2. Post the journal entries to the T-accounts, using transaction dates as posting references in the ledger accounts. Label the balance of each account Bal. 3. Prepare the trial balance of Vince York, M.D., as of July 31, 2018.


Extracted text: preparing a trial balance Ann Simpson started her practice as a design consultant on September 1, 2018. During the first month of operations, the business completed the following transactions: Sep. 1 Received $48,000 cash and issued common stock to Simpson. Purchased office supplies, $1,200, and furniture, $1,300, on account. Performed services for a law firm and received $1,900 cash. Paid $18,000 cash to acquire land to be used in operations. Performed services for a hotel and received its promise to pay the 4 7 10 $1,200 within one week. 14 Paid for the furniture purchased on September 4 on account. 15 Paid assistant's semimonthly salary, $1,500. 17 Received cash on account, $1,000. 20 Prepared a design for a school on account, $650. 25 Received $2,100 cash for design services to be performed in October. 28 Received $2,900 cash for consulting with Plummer & Gordon. 29 Paid $600 cash for a 12-month insurance policy starting on October 1. Paid assistant's semimonthly salary, $1,500. Paid monthly rent expense, $600. 30 30 30 Received a bill for utilities, $350. The bill will be paid next month. Paid cash dividends of $3,700. 30 Requirements 1. Record each transaction in the journal using the following account titles: Cash; Accounts Receivable; Office Supplies; Prepaid Insurance; Land; Furniture; Accounts Payable; Utilities Payable; Unearned Revenue; Common Stock; Dividends; Service Revenue; Salaries Expense; Rent Expense; and Utilities Expense. Explanations are not required. 2. Open a T-account for each of the accounts. 3. Post the journal entries to the T-accounts, using transaction dates as posting references in the ledger accounts. Label the balance of each account Bal. 4. Prepare the trial balance of Ann Simpson, Designer, as of September 30, 2018.