Monroe and Meno, medical doctors, started a Medical Practice called Double M Med care Corporation. The...

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Monroe and Meno, medical doctors, started a Medical Practice called Double M Med care Corporation. The following occurred during the first month of operations - September 2021. Sep 1 They invested $50,000 cash in the business in exchange for shares. Sep 1 Meno hired his niece as the receptionist at a salary of $4,500 per month Sep 4 Purchased equipment costing $30,000, paying cash $15,000 and signed a note payable for the remainder. Sep 5 Meno attended a meeting with Urdu Energy Company to discuss the provision of PCR Testing for their 44 offshore employees at a rate of $750.00 per test. Sep 8 Incurred advertising expense of $1,800 on account. Paid cash $3,000 for a one year insurance policy. Sep 15 Purchase Supplies $4,800 worth of supplies on credit.. Sep 18 Performed medical service and billed the insurance companies $7,200. Sep 20 Paid $1,100 cash for utilties. Sep 23 Received $5,200 advance for an executive medical service to be performed in November 2021. Sep 25 Paid $1,600 for additional supplies. Sep 27 Received $4,100 cash for services performed. Sep 29 The company paid dividends of $4,000. Sep 30 Paid receptionist salary of $4,500. Sep 30 Received $3,000 from the insurance companies. Paid 60% towards supplies purchased on credit. Required: a) Journalize the entries in proper form. b) Post the journal entries to the respective ledger accounts (using 3-column form). c) Prepare a Trial Balance, in proper form, as at September 31, 2021. Monroe and Meno, medical doctors, started a Medical Practice called Double M Med care Corporation. The following occurred during the first month of operations - September 2021. Sep 1 They invested $50,000 cash in the business in exchange for shares. Sep 1 Meno hired his niece as the receptionist at a salary of $4,500 per month Sep 4 Purchased equipment costing $30,000, paying cash $15,000 and signed a note payable for the remainder. Sep 5 Meno attended a meeting with Urdu Energy Company to discuss the provision of PCR Testing for their 44 offshore employees at a rate of $750.00 per test. Sep 8 Incurred advertising expense of $1,800 on account. Paid cash $3,000 for a one year insurance policy. Sep 15 Purchase Supplies $4,800 worth of supplies on credit.. Sep 18 Performed medical service and billed the insurance companies $7,200. Sep 20 Paid $1,100 cash for utilties. Sep 23 Received $5,200 advance for an executive medical service to be performed in November 2021. Sep 25 Paid $1,600 for additional supplies. Sep 27 Received $4,100 cash for services performed. Sep 29 The company paid dividends of $4,000. Sep 30 Paid receptionist salary of $4,500. Sep 30 Received $3,000 from the insurance companies. Paid 60% towards supplies purchased on credit. Required: a) Journalize the entries in proper form. b) Post the journal entries to the respective ledger accounts (using 3-column form). c) Prepare a Trial Balance, in proper form, as at September 31, 2021.

Answer rating: 100% (QA)

a Journalize the entries in proper form Date Description Debit Credit 01 Sept Cash 50000 Common Shar... View the full answer