Question

Vince Rockford practices medicine under the business title Vince Rockford, M. D. During March, the medical practice completed the following transactions:
Mar. 1 Rockford contributed $ 74,000 cash to the business in exchange for common stock.
5 Paid monthly rent on medical equipment, $ 560.
9 Paid $ 24,000 cash to purchase land to be used in operations.
10 Purchased office supplies on account, $ 1,300.
19 Borrowed $ 19,000 from the bank for business use.
22 Paid $ 900 on account.
28 The business received a bill for advertising in the daily newspaper to be paid in April, $ 120.
31 Revenues earned during the month included $ 7,100 cash and $ 4,700 on account.
31 Paid employees’ salaries $ 2,000, office rent $ 1,600, and utilities, $ 320. Record as a compound entry.
31 The business received $ 1,400 for medical screening services to be performed next month.
31 Paid cash dividends of $ 8,000. The business uses the following accounts: Cash; Accounts Receivable; Office Supplies; Land; Accounts Payable; Advertising Payable; Unearned Revenue; Notes Payable; Common Stock; Dividends; Service Revenue; Salaries Expense; Rent Expense; Utilities Expense; and Advertising Expense.

Requirements
1. Journalize each journal entries. Explanations are not required.
2. 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 trial balance of Vince Rockford, M. D. as of March 31, 2015.



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  • CreatedJanuary 16, 2015
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