Vincent Yasmin practices medicine under the business title, Vincent Yasmin, M.D.
ID: 2572782 • Letter: V
Question
Vincent Yasmin practices medicine under the business title, Vincent Yasmin, M.D. During July, the medical practice completed transactions as listed on page 2. For this assignment, you will apply your knowledge of business transactions and accounts. You will complete journalizing transactions and post the transactions to T-accounts. In addition, you will use the data provided to prepare a trial balance. This assignment will provide additional practice with basic accounting terms, concepts, and principles, as well as performing routine business transactions. Assignment Details: Perform the following tasks: • Complete the reading assignment and the interactive lesson before attempting this assignment. • Attend the instructor session to prepare for this assignment. • Use the Week 2 Assignment Worksheet and the information below to complete the following: o Complete the journalizing of each transaction, including the post reference (Tab 1). o Complete the posting of journal entries to T-accounts (Tab 2). o Prepare the trial balance of Vincent Yasmin, M.D. as of July 31 (Tab 3). • Submit the Week 2 Assignment via Blackboard by clicking on the “Week 2 Assignment” link. • Include the proper file naming convention: ACC105_wk2_assn_jsmith_mmddyyyy. Vincent Yasmin practices medicine under the business title, Vincent Yasmin, M.D. During July, the medical practice completed the following transactions: Date Transaction Description July 1 Yasmin contributed $69,000 cash to the business in exchange for capital. July 5 Paid monthly rent on medical equipment, $540 July 9 Paid $23,000 cash to purchase land to be used in operations. July 10 Purchased office supplies on account, $1,100 July 19 Borrowed $31,000 from the bank for business use. July 22 Paid $800 on account. July 28 The business received a bill for advertising in the daily newspaper, to be paid in August, $240. July 31 Revenues earned during the month included $6,100 cash and $6,300 on account. July 31 Paid employees’ salaried - $3,000; office rent - $1,300; and utilities - $600; Record as a compound entry. July 31 The business received $1,280 for medical screening services to be performed next month. July 31 Yasmin withdrew cash of $6,500.
Cash Accounts Payable 69,000 540 5-Jul 22-Jul 800 10-Jul 19-Jul 31,000 23,000 19-Jul 300 Bal. 31-Jul 6,100 800 22-Jul 31-Jul 1,280 31-Jul Service Revenue 6,500 31-Jul 12,400 31-Jul Bal. 76,540 12,400 Bal. Accounts Receivable Advertising Payable 31-Jul 6,300 Bal. 240 Bal. Salaries Expense Rent Expense 31-Jul 5-Jul Bal. 3,000 31-Jul 1,300 1,300 Office Supplies Unearned Revenue 31-Jul 1,100 1,280 Bal. 1,100 1,280 Bal. Utilities Expense Advertising Expense 31-Jul 600 Bal. 600 Bal. Land Notes Payable 19-Jul 23,000 31,000 19-Jul Bal. 31,000 Bal. Yasmin, Withdrawals Yasmin, Capital 31-Jul 6,500 1-Jul Bal. 69,000 Bal.Explanation / Answer
1. Journal entries:
2. T acounts:
3. Trial Balance:
Date Particulars Dr Cr 1-Jul Cash 69,000.00 Yasmin's capital 69,000.00 5-Jul Rent expenses 540.00 Cash 540.00 9-Jul Land 23,000.00 Cash 23,000.00 10-Jul Office supplies 1,100.00 Accounts payable 1,100.00 19-Jul Cash 31,000.00 Bank borrowing 31,000.00 22-Jul Accounts payable 800.00 Cash 800.00 28-Jul Advertising expenses 240.00 Advertising expenses payable 240.00 31-Jul Cash 6,100.00 Accounts receivable 6,300.00 Revenue 12,400.00 31-Jul Salary expenses 3,000.00 Office rent 1,300.00 Utilities 600.00 Cash 4,900.00 31-Jul Cash 1,280.00 Unearned revenue 1,280.00 31-Jul Drawings account 6,500.00 Cash 6,500.00Related Questions
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