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.