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ACC 201 ACC201 ACC/201 Week 3 Problem P2-46B

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ACC 201 Week 3 Problem P2-46B Analyzing and journalizing transactions, posting, and preparing trial balance. Warren Smith practices medicine under the business title Warren Smith, M.D. During April, the medical practice completed the following transactions: Apr 1 Smith deposited $78,000 cash in the business bank account. The business gave capital to Smith. Apr 5 Paid monthly rent on medical equipment, $780. Apr 9 Paid $18,000 cash to purchase land for an office site. Apr 10 Purchased supplies on account, $1,200. Apr 19 Borrowed $20,000 from the bank for business use. Smith signed a note to the bank in the name of the business. Apr 22 Paid $800 on the account. Apr 30 Revenue earned during the month included $5,900 cash and $4,900 on account. Apr 30 Paid employees’ salaries $2,000, office rent$1,800, and utilities $420. Make a single compound entry. Apr 30 Owner withdrew $9,000. The business uses the following accounts: Cash; Accounts receivable; supplies; Land; Accounts payable; Notes payable; Warren Smith, capital; Warren Smith, withdrawals; Service revenue; Salary expense; rent expense; Utility expense. 1. Journalize each transaction, as shown for April. Explanations are not required. April 1 Cash $78,000 Warren Smith, Capital $78,000 1. Post the transactions to the T-accounts, using transaction dates as posting reference in the ledger accounts. Label the balance of each account balance as shown in chapter 2. Prepare the trial balance of Warren Smith, M.D., at April 30, 2010. Accounts Assignment Help, Accounts Homework help, Accounts Study Help, Accounts Course Help

ACC 201 ACC201 ACC/201 Week 3 Problem P2-46B

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