Vito Yasmin practices medicine under the business title Vito Yasmin, M.D. During July, the medical practice completed the following transactions: pert Click the icon to view the transactions.) (Click the icon to view the accounts used by the business.) Read the requirements And 73 Requirement 1. Journalize each transaction. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entrie July 1: Yasmin contributed $66,000 cash to the business in exchange for common stock. De Accounts Debit An Date Credit De Jul. 1 De De De July 5: Paid monthly rent on medical equipment, S630. De Date Accounts Debit | Credit Chrnce from Unit beriladh July 5: Paid monthly rent on medical equipment, $630. Accounts Debit Date Credit Jul. 5 e De De July 9: Paid $12,000 cash to purchase land to be used in operations. De Date Accounts Debit Credit De Jul. 9 July 10: Purchased office supplies on account, $1,200. 31 n Date Accounts Debit Credit De Jul. 10 De De July 19: Borrowed $32,000 from the bank for business use. De Date Accounts Debit Credit De Jul. 19 July 22: Paid $600 on account. Date Accounts Debit Credit Jul. 22 July 28: The business received a bill for advertising in the daily newspaper to be paid in August, $260. e Date Accounts Debit Credit Jul. 28 July 31 (a): Revenues earned during the month included $6,700 cash and $6,200 on account. Record as a compound entry. Date Accounts Debit Credit Jul 31 (a) de De Dc July 31 (b): Paid employees' salaries $2,400, office rent $1,600, and utilities $600. Record these entries as a compound entry. De Date Accounts Debit Credit De Jul 31 (b) July 31 (c): The business received $1,340 for medical screening services to be performed next month. Date Accounts Debit Credit Jul. 31 (c) e July 31 (d): Paid cash dividends of $7,600. Date Accounts Debit Credit he Jul 31 (d) n Requirement 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 (Identify the July 31 transactions as "a". 'd' as they are labeled in the journal entry tables.) Post all of the journal entries for July Cash Accounts Payable Service Revenue De De De De Salaries Expense Advertising Payable De . De fields and then continue to the next question Accounts Receivable Unearned Revenue Rent Expense Office Supplies Notes Payable Utilities Expense Land Common Stock Advertising Expense Dividends 31 Requirement 3. Prepare the trial balance of Vito Yasmin, M.D. as of July 31, 2018. An Vito Yasmin, M.D. De Trial Balance July 31, 2018 Balance De Account Title Debit Credit De De De Col Chnann fun Jul. 1 Yasmin contributed $66,000 cash to the business in exchange for common stock. 5 Paid monthly rent on medical equipment, $630. 9 Paid $12,000 cash to purchase land to be used in operations. 10 Purchased office supplies on account, $1,200. 19 Borrowed $32,000 from the bank for business use. 22 Paid $600 on account. 28 The business received a bill for advertising in the daily newkpaper to be paid in August, $260. 31 Revenues earned during the month included $6,700 cash and $6,200 on account. 31 Paid employees' salaries $2,400, office rent $1,600, and utilities $600. Record as a compound entry. 31 The business received $1,340 for medical screening services to be performed next month. 31 Paid cash dividends of $7,600. i Accounts X The business uses the following accounts: Cash; Accounts Receivable; Office Supplies; Land; Accounts Payable; Advertising Payable; Unearned Revenue; Notes Payable; Common Stock; Dividends; Service Revenue; Salaries Expense; Rent Expense; Utilities Expense; and Advertising Expense. Print Done
