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Chapter 2 Homework Problems-Katie Hutson

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Chapter 2 Homework Problems-Katie HutsonStudent: Katie Hutson Date: 09/25/18 Instructor: Stacey Vera Course: SJR State - ACG2021C Financial Accounting - Online Fall 2018 Assignment: Chapter 2 Hom ... ework Problems practices medicine under the business title During , the medical practice completed the following transactions: Vince York Vince York, M.D. July 1(Click the icon to view the transactions.) 2(Click the icon to view the accounts used by the business.) Read the requirements3. Requirement 1. Journalize each transaction. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) July 1: York contributed $63,000 cash to the business in exchange for common stock. Date Accounts Debit Credit Jul. 1 Cash 63,000 Common Stock 63,000 July 5: Paid monthly rent on medical equipment, $510. Date Accounts Debit Credit Jul. 5 Rent Expense 510 Cash 510 July 9: Paid $23,000 cash to purchase land to be used in operations. Date Accounts Debit Credit Jul. 9 Land 23,000 Cash 23,000 July 10: Purchased office supplies on account, $1,600. Date Accounts Debit Credit Jul. 10 Office Supplies 1,600 Accounts Payable 1,600 July 19: Borrowed $22,000 from the bank for business use. [Show More]

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