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P2-29A
Accounting, 9e
P2-29A Analyzing and journalizing transactions, posting, and preparing a trial balance
LO 2,3,4,5 [45-60 minutes]
Students please fill-in areas that are shaded
Student Name
Course Name
Student ID:
Date:
Vernon Yung practices medicine under the business title Vernon Yung, M.D.,
During July, the medical practice completed the following transactions:
Jul 1 Yung deposited $68,000 cash in the business bank account.
The business gave capital to Yung.
5 Paid monthly rent on medical equipment, $560.
9 Paid $16,000 cash to purchase land for an office site.
10 Purchased supplies on account, $1,600.
19 Borrowed $23,000 from the bank for business use. Yung signed a note payable to the bank
in the name of the business.
22 Paid $1,300 on account.
31 Revenues earned during the month included $6,500 cash and $5,00 on account.
31 Paid employees’ salaries $2,500, office rent $1,100, and utilities $400.
Make a single compound entry.
31 Yung withdrew cash of $7,000.
The business uses the following accounts: Cash, Accounts receivable, Supplies, Land,
Accounts payable, Notes payable,Yung, capital; Yung, drawing; Service revenue,
Salary expense, Rent expense, and Utilities expense.
Requirements
1. Journalize each transaction, as shown for July 1. Explanations are not required.
2. Post the transactions to the T-accounts, using transaction dates as posting references
in the ledger accounts. Label the balance of each account Bal, as shown in
the chapter.
3. Prepare the trial balance of Vernon Yung, M.D., at July 31, 2012.
Test Your Knowledge
P2-29A
Req. 1
Journal
DATE ACCOUNTS AND EXPLANATIONS POST.REF. DEBIT CREDIT
July 1 Cash 68,000
Yung, capital 68,000
5
9
10
19 Cash 23,000
22
Cash 1,300
31 Cash 6,500
31
31
Cash 7,000
Req. 2
Cash
July 1 68,000 July 5 - 0
19 23,000 9 - 0
31 6,500 22 1,300
31 - 0
31 7,000
Bal. 89,200
Accounts Receivable
Bal. - 0
Supplies
Bal. - 0
Land
Bal. - 0
Accounts payable
Bal. - 0
Notes payable
Bal. - 0
Yung, capital
Bal. - 0
Yung, drawing
Bal. - 0
Service revenue
July 31
Bal. - 0
Rent expense - equipment
Bal. - 0
Rent expense - office
Bal. - 0
Salary expense
Bal. - 0
Utility expense
Bal. - 0
Req. 3
Vernon Yung, M.D.
Trial Balance
July 31, 2012
ACCOUNT DEBIT CREDIT
Cash 89,200
Accounts Receivable - 0
- 0
- 0
- 0
- 0
- 0
Yung, drawing - 0
- 0
- 0
- 0
- 0
- 0
Total $ 89,200 $ - 0
&LStudents please fill-in areas that are shaded
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