Home / Questions / Vernon Yung practices medicine under the business title Vernon Yung MD PC. During July, th...
Vernon Yung practices medicine under the business title Vernon Yung, M.D., P.C. During July, the medical practice completed the following transactions: Jul 1 Yung deposited $68,000 cash in the business bank account. The business issued common stock to Yung. 5 Paid monthly rent on medical equipment. $560. 9 Paid $16,000 cash to purchase land for an office site. 10 Purchased supplies on account, $1,600. 19 Borrowed $23,000 from the bank for business use. Yung signed a note payable to the bank in the name of the business. 22 Paid $1,300 on account. 31 Revenues earned during the month included $6,500 cash and $5,800 on account. 31 Paid employees’ salaries $2,500, office rent $1,100, and utilities $400. Make a single compound entry. 31 Paid cash dividends of $7,000. The business uses the following accounts: Cash, Accounts receivable, Supplies, Land, Accounts payable, Notes payable, Common stock, Dividends, Service revenue, Salary expense, Rent expense, and Utilities expense. Requirements 1. Journalize each transaction, as shown for July 1. Explanations are not required. Jul 1 Cash 68,000 Common stock 68,000 2. Post the transactions to the T-accounts, using transaction dates as posting references in the ledger accounts. Label the balance of each account Bal, as shown in the chapter. 3. Prepare the trial balance of Vernon Yung, M.D., P.C., at July 31, 2012.
Apr 08 2020 View more View Less
An automation plant that costs $1,060,000 to operationalize will offer an estimated $340,000 per year in labor savings. Annual operating and maintenance cost is $60,000. ...
Aug 20 2021Mrs. Florence Dolan owned a plumbing and electric supply store on Main Street in Portland, Oregon. Fanno Creek flows through the southeastern corner of Mrs. Dolan's lot, ...
Jul 25 2021True or False1.In a limited liability partnership, the limited partner can participate in only financial management of the company2.Planning and forecasting is an absolut...
Aug 29 2020Insert necessary commas. In the space provided, indicate briefly the reason for each comma. For example, write series, parenthetical, direct address, date, address, essen...
Jul 10 2021Is it ethical for countries to refuse refugees from war-torn countries? Why or why not? The first paragraph clearly states the problem the writer is addressing and the an...
Mar 22 2020You have four gas samples: 1. 1.0 L of H2 at STP2. 1.0 L of Ar at STP3. 1.0 L of H2 at 27°C and 760 mmHg4. 1.0 L of He at 0 °C and 900 mmHg(a) Which sample has the larges...
Jul 28 2021When two north poles of two bar magnets are brought closer there will be_____ (a) attraction (b) repulsion (c) collision (d) none of these
Jul 14 2021Which of the following is a measure of how appropriate organizational goals are, and how well an organization is achieving those goals? (a)Competitor analysis (b)En...
Dec 05 2017The American Board of Internal Medicine (ABIM) has taken some sort of disciplinary action against 140 doctors who cheated on their ABIM certification exams. Documents in ...
Aug 21 2021Your firm, Agrico products, is concidering a tractor that would have a cost of $36,000, would increase pretax operating cash flows before taking account of a cost of depr...
Jul 10 2021