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Hello PLEASE help thank you for your time :) (Click the icon to view the company's chart of accounts.) Vito Yasmin practices medicine under the
Hello PLEASE help thank you for your time :)
(Click the icon to view the company's chart of accounts.) Vito Yasmin practices medicine under the business title Vito Yasmin, M.D. During July, the medical practice completed the following transactions: (Click the icon to view the transactions.) Read the fequirements. Requirement 1. Journalize each transaction. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries. Check your spelling carefully and do not abbreviate. Use only the account names provided in the problem statement.) July 1: Yasmin contributed $61,000 cash to the business in exchange for capital. Date Accounts Debit Credit Jul. 1 Jul. 1 Yasmin contributed $61,000 cash to the business in exchange for capital. 5 Paid monthly rent on medical equipment, $550. 9 Paid $16,000 cash to purchase land to be used in operations. 10 Purchased office supplies on account, $1,200. 19 Borrowed $20,000 from the bank for business use. 22 Paid $600 on account. 28 The business received a bill for advertising in the daily newspaper to be paid in August, $250. 31 Revenues earned during the month included $7,000 cash and $5,900 on account. 31 Paid employees' salaries $2,600, office rent $1,800, and utilities $200. Record as a compound entry. 31 The business received $1,130 for medical screening services to be performed next month. 31 Yasmin withdrew cash of $6,800. The business uses the following accounts: Cash; Accounts Receivable; Office Supplies; Land; Accounts Payable; Advertising Payable; Unearned Revenue; Notes Payable; Yasmin, Capital; Yasmin, Withdrawals; Service Revenue; Salaries Expense; Rent Expense; Utilities Expense; and Advertising Expense. 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 Vito Yasmin, M.D., as of July 31, 2018Step by Step Solution
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