Vince York practices medicine under the business title Vince York, M.D. During July, the medical practice completed the following transactions:   Jul. 1 York contributed $63,000 cash to the business in exchange for common stock. 5 Paid monthly rent on medical equipment, $510. 9 Paid $23,000 cash to purchase land to be used in operations. 10 Purchased office supplies on account, $1,600. 19 Borrowed $22,000 from the bank for business use. 22 Paid $1,100 on account. 28 The business received a bill for advertising in the daily newspaper to be paid in August, $240. 31 Revenues earned during the month included $6,400 cash and $6,000 on account. 31 Paid employees’ salaries $2,200, office rent $1,900, and utilities $560. Record as a compound entry. 31 The business received $1,120 for medical screening services to be performed next month. 31 Paid cash dividends of $7,200.   The business uses the following accounts: Cash;…

Vince York practices medicine under the business title Vince York, M.D. During July, the medical practice completed the following transactions: Jul. 1 York contributed $63,000 cash to the business in exchange for capital. Paid monthly rent on medical equipment, $510. 9 Paid $23,000 cash to purchase land to be used in operations. 10 Purchased office supplies on account, $1,600. 19 Borrowed $22,000 from the bank for business use. 22 Paid $1,100 on account. The business received a bill for advertising in the daily newspaper to be paid in August, $240. 28 31 Revenues earned during the month included $6,400 cash and $6,000 on account. Paid employees' salaries $2,200, office rent $1,900, and utilities $560. Record as a compound entry. 31 The business received $1,120 for medical screening services to be performed next month. 31 31 York withdrew cash of $7,200. The business uses the following accounts: Cash; Accounts Receivable; Office Supplies; Land; Accounts Payable; Advertising Payable;…

Record each of these transactions in Journal entries and prepare the Ledger for Cash & Cash Equivalents, Accounts Receivable and Accounts Payable: 1st Sunny Barcelona started the business by depositing $50,000 received from the sale of capital stock in the company bank account. 22nd Purchased a building for $36,000, paying $6,000 in cash and issuing a note payable for the remaining $30,000. 25th Purchased tools and equipment on account, $13,800. 27th Sold some of the tools at a price equal to their cost, $1,800, collectible within 45 days. 2nd Received $600 in partial collection of the account receivable from the sale of tools. 7th Paid $6,800 in partial payment of an account payable. 11th Received $2,200 of sales revenue in cash. 2oth Purchased radio advertising from RAC105 to be aired in March. The cost was $470, payable within 30 days. 22nd Purchased office equipment for $15,000 cash. 26th Performed repair services and billed clients $2,000. The entire amount will not…

Bennett Griffin and Chula Garza organized Cole Valley Book Store as a corporation; each contributed $71,600 cash to start the business and received 4,700 shares of common stock. The store completed its first year of operations on December 31, current year. On that date, the following financial items for the year were determined: December 31, current year, cash on hand and in the bank, $69,650; December 31, current year, amounts due from customers from sales of books, $39,500; unused portion of store and office equipment, $73,500: December 31, current year, amounts owed to publishers for books purchased, $12,600; one-year note payable to a local bank for $3,800. No dividends were declared or paid to the stockholders during the year. Required: 1. Complete the following balance sheet as of the end of the current year. Some information has been given below. 2. What was the amount of net income for the year? (Hint: Use the retained earnings equation (Beginning Retained Earnings + Net Income…

Bennett Griffin and Chula Garza organized Cole Valley Book Store as a corporation; each contributed $71,600 cash to start the business and received 5,800 shares of common stock. The store completed its first year of operations on December 31, current year. On that date, the following financial items for the year were determined: December 31, current year, cash on hand and in the bank, $70,150; December 31, current year, amounts due from customers from sales of books, $41,000; unused portion of store and office equipment, $78,000; December 31, current year, amounts owed to publishers for books purchased, $13,800; one-year note payable to a local bank for $3,200. No dividends were declared or paid to the stockholders during the year. Required: 1. Complete the following balance sheet as of the end of the current year. Some information has been given below. 2. What was the amount of net income for the year? (Hint: Use the retained earnings equation [Beginning Retained Earnings + Net Income…

The following are the transactions of Spotlighter, Incorporated, for the month of January. a. Borrowed $4,390 from a local bank on a note due in six months. b. Received $5,080 cash from investors and issued common stock to them. c. Purchased $1,900 in equipment, paying $650 cash and promising the rest on a note due in one year. d. Paid $750 cash for supplies. e. Bought and received $1,150 of supplies on account. Required: Post the effects to the appropriate T-accounts and determine ending account balances. Show a beginni Debit Beginning Balance Ending Balance Debit F Cash Equipment Credit Credit Debit Beginning Balance Ending Balance Debit Supplies Accounts Payable

Yi Min started an engineering firm called Min Engineering. He began operations and completed seventransactions in May, which included his initial investment of $18,000 cash. After those seven transactions,the ledger included the following accounts with normal balances. Cash . . . . . . . . . . . . . . . . . . $37,600Office supplies. . . . . . . . . . 890Prepaid insurance. . . . . . . 4,600Office equipment. . . . . . . $12,900Accounts payable. . . . . . . 12,900Y. Min, Capital. . . . . . . . . . 18,000Y. Min, Withdrawals . . . . . . . . . . . $ 3,370Engineering fees earned. . . . . . . 36,000Rent expense. . . . . . . . . . . . . . . . 7,540 Required 1. Prepare a trial balance for this business as of the end of May. 2. The following seven transactions produced the account balances shown above. a. Y. Min invested $18,000 cash in the business. b. Paid $7,540 cash for monthly rent expense for May. c. Paid $4,600 cash in advance for the annual insurance premium beginning the next period. d.…

Enter the transactions shown above in appropriate general ledger accounts Kawabata begins practice as a dentist, invests $20,000 cash, and issues 2,000 shares of $10 par stock.   Purchases dental equipment on account from Green Jacket Co. for $17,280   Pays rent for office space, $680 for the month.   Employs a receptionist, Michael Bradley.   Purchases dental supplies for cash, $942.   Receives cash of $1,690 from patients for services performed.   Pays miscellaneous office expenses, $430.   Bills patients $5,820 for services performed.   Pays Green Jacket Co. on account, $3,600.   Pays a dividend of $3,000 cash.   Receives $980 from patients on account.   Bills patients $2,110 for services performed.   Pays the following expenses in cash: salaries and wages $1,800; miscellaneous office expenses $85.   Dental supplies used during September, $330.

Helen Garland, MD, opened a medical practice. The business completed the following transactions Jul 1 Garland invested $25,000 cash to start her medical practice. The business issued common stock to Garland Jul 2 Purchased medical supplies on account totaling $9,300 Jul 3 Paid monthly office rent of $6,100. Jul 6 Recorded $8,000 revenue (in cash) for service rendered to patients wyolcanswer. After these transactions, how much cash does the business have to work with? Use a T-account to show you answ Begin by posting the transactions, using the date as a posting reference. Then, label and calculate the ending balance, using "Bal" as the posting reference Cash Jul 1 Jul 6 Bal 25000 8000 17000 Jul 3 Bal 6100 GITE 6100