Question
Please answer all the parts(A, B, C) Khalid Ali Establishes a Dental Clinic on July 1, 2018. The following transactions took place during July. July
Please answer all the parts(A, B, C)
Khalid Ali Establishes a Dental Clinic on July 1, 2018. The following transactions took place during July.
July 1. Khalid invested $100,000 cash in the Clinic July 3. Signed a 2-year rental agreement on a Building; paid $15,000 cash in advance for the first year. July 8. Paid $7,700 cash for a one-year insurance policy on the building. July 13. Purchased basic office supplies for $3000. A cash payment of $500 was made immediately; the remainder will be paid at a later date. July 18. Paid $660 to suppliers for accounts payable due. July 23. Performed services worth $55,000: $5,000 cash is received from customers, and the balance of $50,000 is billed to customers on account. July 25. Received utility bills in the amount of $111, to be paid next month. 27. Received $10,250 from CAC Bank- money borrowed on a note payable. 28. Withdrew $710 cash for personal use. 30. Paid the monthly salaries of the ten employees, totaling $6,950.
Instructions: A) Prepare journal entries to record each of the events listed. B) Post the journal entries to T-accounts. C) Prepare a trial balance as of July 31, 2018 .
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