Vincent Yasmin practices medicine under the business title, Vincent Yasmin, M.D.
ID: 2781790 • Letter: V
Question
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.
Explanation / Answer
It is not clear from question what needs to be done, it seems you are asking about the Journal entries and also note this question belongs to accounts not to Finance Date Head of Accounts Dr. Cr. July,1 Cash 69,000 Capital 69,000 July,5 Equipment Rent 540 Cash 540 July,9 Land 23,000 Cash 23,000 July,10 Office Supplies 1,100 Cash 1,100 July,19 Cash 31,000 Loan 31,000 July,22 Vendor 800 Cash 800 On account payment July,28 Advertising 240 Vendor 240 July,31 Cash 6,100 A/R 6,300 Revenue 12,400 July,31 Salaries 3,000 Office rent 1,300 Utilities 600 Cash 4,900 July,31 Cash 6,500 Advance 6,500 July,31 Drawing 1,280 Cash 1,280
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