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Vernon Yung practices medicine under the business title Vernon Yung, M.D., P.C. During July, the medical practice completed the following transactions: Jul 1 Yung deposited
Vernon Yung practices medicine under the business title Vernon Yung, M.D., P.C. | |
During July, the medical practice completed the following transactions: | |
Jul 1 | Yung deposited $68,000 cash in the business bank account. |
The business issued common stock to Yung. | |
5 | Paid monthly rent on medical equipment, $560. |
9 | Paid $16,000 cash to purchase land for an office site. |
10 | Purchased supplies on account, $1,600. |
19 | Borrowed $23,000 from the bank for business use. Yung signed a note payable to the bank |
in the name of the business. | |
22 | Paid $1,300 on account. |
31 | Revenues earned during the month included $6,500 cash and $5,00 on account. |
31 | Paid employees salaries $2,500, office rent $1,100, and utilities $400. |
Make a single compound entry. | |
31 | Paid cash dividends of $7,000. |
Prepare accounting equation |
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