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Looking for accounts and the debit / credit amounts. Thank you. Victor Yang practices medicine under the business title Victor Yang, M.D.. During July, the
Looking for accounts and the debit / credit amounts. Thank you.
Victor Yang practices medicine under the business title Victor Yang, M.D.. During July, the medical practice completed the following transactions: View the transactions. Read the requirements. Requirement 1. Record each transaction in the journal using the following account titles: Cash; Accounts Receivable; Supplies; Land; Accounts Payable; Advertising Payable; Unearned Revenue; Notes Payable; Common Stock; Dividends; Service Revenue; Salaries Expense; Rent Expense; Utilities Expense; and Advertising Expense. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) Jul. 1: Stanley contributed $50,000 cash to the business in exchange for common stock. Requirements 1. Record each transaction in the journal using the following account titles: Cash; Accounts Receivable; Supplies; Land; Accounts Payable; Advertising Payable; Unearned Revenue; Notes Payable; Common Stock; Dividends; Service Revenue; Salaries Expense; Rent Expense; Utilities Expense; and Advertising Expense. Explanations are not required. 2. T-accounts have been opened for each of the accounts. 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. Transactions \begin{tabular}{|ll} \hline Jul. 1 & Stanley contributed $50,000 cash to the business in exchange for common stock. \\ Jul. 5 & Paid monthly rent on medical equipment, $540. \\ Jul. 9 & Paid $15,800 cash to purchase land to be used in operations. \\ Jul. 10 & Purchased supplies on account, $2,000. \\ Jul. 19 & Borrowed $30,000 from the bank for business use. \\ Jul. 22 & Paid $900 on account. \\ Jul. 28 & The business received a bill for advertising online to be paid in August, $270. \\ Jul. 31 & Revenues earned during the month included $6,200 cash and $5,400 on account. \\ Jul. 31 & Paid employees' salaries $2,800, office rent $800, and utilities $200. \\ Jul. 31 & The business received $1,500 cash for medical screening services to be performed next month. \\ Jul. 31 & Paid cash dividends of $2,700. \\ \hline \end{tabular}Step by Step Solution
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