P2-351' jf n,»l« *ng transaction’., posting
\ i; • You. i uiu i s nirdicinc undo ilie business tide Vim York, M.l >. During March, die irudu il pi at tier completed the following transactions:
Mar ' York contributed $64,000 cash to the business m exchange for capital 5 Paid monthly rent on medical equipment, $630
raid $1 <000 cash to purchase land to be used in operations 10 Purchased office supplies on account, $ 1.800 19 Borrowed $24,000 from the bank for business use.
22 Paid $ 1,200 on account.
28 The business received a bill for advertising in the daily newspaper to be paid in
April, $270.
Revenues earned during the month included $6,600 cash and $5,800 on account.
31 Paid employees' salaries $2,700, office rent $1,500, and utilities $400. Record as a compound entry.
31 The business received $ 1,450 for medical screening services to be performed next month.
31 York withdrew cash of $6,600.
The business uses the following accounts: Cash;
York, Capital; York, Withdrawals; Service Revenue; Salaries Expense; Rent Expense; Utilities Expense; and Advertising Expense.
Requirements
- Journalize each transaction. Explanations are not required.
- Post the journal entries to the T-accounrs, using transaction dates as posting references in the ledger accounts. Label the balance of each account Bal.
- Prepare the trial balance of Vito York, M.D., as of March 31, 2017.
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Horngren's Accounting (11th Edition)
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