Warren Smith practices medicine under the business title Warren Smith, M.D., P.C. During April, the medical practice completed the following transactions:

The business uses the following accounts: Cash, Accounts receivable, Supplies, Land, Accounts payable, Notes payable, Common stock, Dividends, Service revenue, Salary expense, Rent expense, and Utilities expense.

Requirements 

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

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

3. Prepare the trial balance of Warren Smith, M.D., P.C., at April 30, 2010.

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Apr 1 Smith deposited $78,000 cash in the business bank account. The business issued common stock to Smith. 5 Paid monthly rent on medical equipment, $780. 9 10 19 22 23 30 30 30 Paid $18,000 cash to purchase land for an office site. Purchased supplies on account, $1,200. Borrowed $20,000 from the bank for business use. Smith signed a note payable to the bank in the name of the business. Paid $800 on account. Revenues earned during the month included $5,900 cash and $4,900 on account. Paid employees' salaries $2,000, office rent $1,800, and utilities $420. Make a single compound entry. Paid cash dividends of $9,000.