On July 31, 2021, Lee Meche, MD, had the following balances in the ledger for his medical

Question:

On July 31, 2021, Lee Meche, MD, had the following balances in the ledger for his medical practice: Cash $8,800, Accounts Receivable $2,750, Supplies $585, Equipment $15,550, Notes Payable $10,000, Accounts Payable $850, L. Meche, Capital $15,000, L. Meche, Drawings $5,125, Service Revenue $10,410, Rent Expense $1,200, and Salaries Expense $2,250. Transactions during August 2021 follow:

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Instructions

a. Create T accounts and enter the July 31 balances.

b. Post the transactions to the T accounts. Create new T accounts if needed.

c. Prepare a trial balance at August 31.

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Related Book For  book-img-for-question

Accounting Principles Volume 1

ISBN: 978-1119502425

8th Canadian Edition

Authors: Jerry J. Weygandt, Donald E. Kieso, Paul D. Kimmel, Barbara Trenholm, Valerie Warren, Lori Novak

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