Requirement 1. Post the entries to the ledger, using T-accounts. Key transactions by date. Determine the ending balance in each account. (Record transactions from the 15-31 of the month as occurring on the last day of the month.)

Calculate the balance for each account and enter it on the appropriate side of each T-account.

Cash

Accounts Payable

Service Revenue

Accounts Receivable

Note Payable

Salary Expense

Medical Supplies

Common Stock

Rent Expense

Land

Utilities Expense

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more information table

Dec 6		Favata invested $145,000 in the business, which in turn issued its common stock to her.
9		The business paid cash for land costing $61,000. Favata plans to build an office building on the land.
12		The business purchased medical supplies for $1,500 on account.
15		Dr. Amanda Favata, P.C., officially opened for business.
15-31		During the rest of the month, Favata treated patients and earned service revenue of $9,500, receiving cash for half the revenue earned.
15-31		The business paid cash expenses: employee salaries, $2,600; office rent, $800; utilities, $1,600.
31		The business sold medical supplies to another physician for cost of $300 and received cash.
31		The business borrowed $35,000, signing a note payable to the bank.
31		The business paid $700 on account.