Jul. 1 Jul. 5 Busch contributed $42,000 cash to the business in exchange for capital. Paid monthly rent on medical equipment, $540. Jul. 9 Paid $15,700 cash to purchase land to be used in operations. Jul. 10 Purchased supplies on account, $1,700. Jul. 19 Jul. 22 Borrowed $24,000 from the bank for business use. Paid $1,500 on account. Jul. 28 The business received a bill for advertising online to be paid in August, $210. Revenues earned during the month included $7,100 cash and $5,600 on account. Jul. 31 Jul. 31 Jul. 31 Jul. 31 Paid employees' salaries $2,100, office rent $650, and utilities $650. Record as a compound entry. The business received $1,700 cash for medical screening services to be performed next month. Busch withdrew cash of $3,500. Requirements 00 1. Record each transaction in the journal using the following account titles: Cash; Accounts Receivable; Supplies; Land; Accounts Payable; Advertising Payable; Unearned Revenue; Notes Payable; Busch, Capital; Busch, Withdrawals; Service Revenue; Salaries Expense; Rent Expense; Utilities Expense; and Advertising Expense. Explanations are not required. 2. T-accounts have been opened for each of the accounts. Post the journal entries to the T-accounts, using transaction dates as posting references in the ledger accounts. Label the balance of each account Bal. 3. Prepare the unadjusted trial balance of Vito Busch, M.D., as of July 31, 2025. - ✗ Vito Busch practices medicine under the business title Vito Busch, M.D. During July, the medical practice completed the following transactions: View the transactions. Read the requirements. Requirement 1. Record each transaction in the journal using the following account titles: Cash; Accounts Receivable; Supplies; Land; Accounts Payable; Advertising Payable; Unearned Revenue; Notes Payable; Busch, Capital; Busch, Withdrawals; Service Revenue; Salaries Expense; Rent Expense; Utilities Expense; and Advertising Expense. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.)

Jul. 1 Jul. 5 Busch contributed $42,000 cash to the business in exchange for capital. Paid monthly rent on medical equipment, $540. Jul. 9 Paid $15,700 cash to purchase land to be used in operations. Jul. 10 Purchased supplies on account, $1,700. Jul. 19 Jul. 22 Borrowed $24,000 from the bank for business use. Paid $1,500 on account. Jul. 28 The business received a bill for advertising online to be paid in August, $210. Revenues earned during the month included $7,100 cash and $5,600 on account. Jul. 31 Jul. 31 Jul. 31 Jul. 31 Paid employees' salaries $2,100, office rent $650, and utilities $650. Record as a compound entry. The business received $1,700 cash for medical screening services to be performed next month. Busch withdrew cash of $3,500. Requirements 00 1. Record each transaction in the journal using the following account titles: Cash; Accounts Receivable; Supplies; Land; Accounts Payable; Advertising Payable; Unearned Revenue; Notes Payable; Busch, Capital; Busch, Withdrawals; Service Revenue; Salaries Expense; Rent Expense; Utilities Expense; and Advertising Expense. Explanations are not required. 2. T-accounts have been opened for each of the accounts. Post the journal entries to the T-accounts, using transaction dates as posting references in the ledger accounts. Label the balance of each account Bal. 3. Prepare the unadjusted trial balance of Vito Busch, M.D., as of July 31, 2025. - ✗ Vito Busch practices medicine under the business title Vito Busch, M.D. During July, the medical practice completed the following transactions: View the transactions. Read the requirements. Requirement 1. Record each transaction in the journal using the following account titles: Cash; Accounts Receivable; Supplies; Land; Accounts Payable; Advertising Payable; Unearned Revenue; Notes Payable; Busch, Capital; Busch, Withdrawals; Service Revenue; Salaries Expense; Rent Expense; Utilities Expense; and Advertising Expense. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.)

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter4: The Adjustment Process

Section: Chapter Questions

Problem 11PA: Prepare journal entries to record the following transactions. Create a T-account for Prepaid...

See similar textbooks