#quest1. Use the general journal to journalize the following transactions completed during July of the current year.
2. Post from the general journal to the general ledger. Using the following steps.
a. A. Write the current year and July 1 in the Date column. (The account title, Cash, and account number, 110, have already been recorded in the heading of this page.)
b. Write the word Balance in the Item column.
c. Place a check mark in the Post. Ref. column to indicate that this entry is forwarded from a previous page, rather than posted from the general journal.
d. Write the debit balance amount in the Balance Debit column for your Assets and Net Asset accounts. Place the credit amount in the Liability accounts.
e. Follow this procedure whenever it is necessary to open a new page for a general ledger account.
3. Prepare a report using the information from the general ledger. The report is provided on the first page of the template spreadsheet.
4. On July 28, John Doe, M.D., received a bank statement dated July 26. The following information is obtained form the bank statement and from the records of the business. Prepare a bank statement reconciliation. Use the form listed in the template packet.
a. Bank Statement balance as of July 26….$4,453.00
b. Outstanding deposits:
July 26………………………………………………….. 345.00
July 27………………………………………………….. 300.00
Outstanding checks:
Nos. 21, 23, 24, 25, and 26
Bank service charge……………………………. 15.00
Checkbook balance on $4,250.00
Check Stub No. 27
5. Prepare trial balance from information presented on ledgers.
6. Prepare income statement.
7. Answer the following questions…
a. Was the office profitable during the month of July?
b. What would you suggest to the office manager to curb expenses and boost revenue?
c. What strategies would you use to ensure your Accounts Receivables balances observed?


Chart of Accounts
Account # Account Name
110 Cash
120 Petty Cash
130 Accounts Receivable-Beverly Jones
140 Accounts Receivable-Bruce Lane
141 Accounts Receivable-John Jones
142 Accounts Receivable-Kate Wallen
143 Accounts Receivable-Jack Conery
150 Supplies-Office
160 Supplies-Medical
170 Prepaid Insurance
210 Accounts Payable-NHS, Inc.
220 Accounts Payable-Electronics Unlimited
230 Accounts Payable-Office & Home
310 Dr. John Doe, Capital
320 Dr. John Doe, Drawing
330 Income Summary
410 Medical Services
510 Advertising Expense
520 Insurance Expense
530 Miscellaneous Expense
540 Office Supplies Expense
550 Supplies Expense
560 Rent Expense
570 Repair and Cleaning Expense
580 Utilities Expense
Transactions to be Recorded
July 1
No. 1. Received cash from the owner, Dr. John Doe, $2,500.00. R1.
July 2
No. 2. Paid monthly rental fee on medical equipment, $680.00. C1. (The business records all rentals in the Rental Expense account when the payment is made.)
No. 3. Paid cash for new medical equipment, $350.00. C2. (At the time of purchase, the business records the purchase costs of all equipment in the Supplies—Medical Equipment account.)
July 3
No. 4. Paid cash for business insurance, $300.00. C3. (The business records all insurance costs in the Prepaid Insurance account when the payment is made.)
No. 5. Paid cash to establish a petty cash fund, $150.00. C4.
July 4
No. 6. Bought office supplies on account from Office&Home, Inc., $50.00. M1. (The business records the cost of all office supplies in the supplies in the Supplies—Office account at the time of purchase.)
No. 7. Paid cash for van rental for the month, $235.00. C6.
July 5
No. 8. Paid cash for office rental for the month, $235.00. C6.
July 6
No. 9. Provided medical services on account to Beverly Jones, $500.00. S1.
July 7
No. 10. Provided medical services to John Jones and received cash, $325.00. R2.
July 8
No. 11. Paid cash for advertising in the local paper, $110.00. C7.
No. 12. Provided medical services to Kate Welden and received cash, $450.00. R3.
July 9
No. 13. Paid cash on account to Office &Home, Inc., $50.00. C8.
No. 14. Paid cash to owner for personal use, $200.00. C9.
July 10
No. 15. Provided medical services to Karen Carter; received $275.00. R4.
July 11
No. 16. Paid cash for miscellaneous expense, $48.00. C10.
No. 17. Paid cash for repair of equipment, $92.00. C11.
July 12
No. 18. Provided medical services on account to Beverly Jones, $500.00. S2.
July 13
No. 19. Bought equipment supplies on account from Electronics Unlimited, $175.00. M2.
No. 20. Provided medical services on account to Bruce Lane, $475.00. S3.
July 14
No. 21. Provided medical services to Linda Leach; received cash, $450.00. R5.
July 15
No. 22. Paid cash for miscellaneous expense, $45.00. C12.
No. 23. Received payment due from Beverly Jones, $1,000.00. R6.
No. 24. Provided medical services to David Browder; received cash, $625.00. R7.
No. 25. Received payment due from Bruce Lane, $475.00. R8.
July 16
No. 26. Paid cash for miscellaneous expense, $62.00. C13.
No. 27. Paid cash for advertising on radio, $200.00. C14.
No. 28. Bought stethoscopes on account from NHS, Inc., $95.00. M3.
No. 29. Provided medical services to Gwen Giboire; received cash, $450.00. R9.
July 17
No. 30. Paid cash for copier cleaning, $70.00. C15.
No. 31. Paid cash for cell phone bill, $75.00. C16.
No. 32. Paid cash for office supplies, $60.00. C17.
No. 33. Provided medical service for charity fundraiser; received cash, $290.00. R10.
July 18
No. 34. Paid amount due to Electronics Unlimited, $175.00. C18.
No. 35. Paid cash to owner for personal use, $250.00. C19.
No. 36. Provided medical services on account to John Jones, $850.00. S4.
July 19
No. 37. Paid cash for miscellaneous expense, $85.00. C20.
No. 38. Provided medical services on account to Missy Norman, $500.00. S5.
July 20
No. 39. Paid amount due to NHS, Inc., $95.00. C21.
No. 40. Bought equipment supplies on account from Electronics Unlimited, $67.00. M4.
No. 41. Provided medical services on account to Gwen Giboire, $500.00. S6.
July 21
No. 42. Provided medical services to Kathy Carter; received cash, $375.00. R11.
July 22
No. 43. Bought medical supplies on account from NHS, Inc., $145.00. M5.
No. 44. Provided medical services to David Browder; received cash, $400.00. R12.
July 23
No. 45. Paid cash for cleaning of equipment, $80.00. C22.
No. 46. Paid cash to owner for personal use, $220.00. C23.
No. 47. Provided medical services for fund raiser for local school, received cash, $445.00. R13.
July 24
No. 48. Paid bill for electricity for the month, $83.00. C24.
No. 49. Provided medical services on account to Kate Wallen, $490.00. S7.
July 25
No. 50. Provided medical services on account to Jack Conery $1,150.00. S8.
July 26
No. 51. Paid cash for annual insurance on computers, $360.00. C25.
No. 52. Provided medical services to Portia Hatfield; received cash, $345.00. R14.
July 27
No. 53. Paid cash for office supplies, $105.00. C26.
No. 54. Provided medical services to Ewen McCloud; received cash, $300.00. R15.
July 28
No. 55. Received bank statement showing June bank service charge, $15.00. M6.
No. 56. Provided medical services on account to Beverly Jones, $400.00. R16.
July 29
No. 57. Provided medical services to Gabe Lane; received cash, $300.00. R17.
July 30
No. 58. Replenished the petty cash fund, $45.00: miscellaneous expense, $30.00; office supplies, $15.00. C27.
No. 59. Paid cash to owner for personal use, $250.00. C28.
No. 60. Received payment due from Beverly Jones, $325.00. R18.

ion..

Posted Date: 9/27/2012 3:42:09 PM | Location : United States

Ask an Expert

Related Discussions:- Homework, Assignment Help, Ask Question on Homework, Get Answer, Expert's Help, Homework Discussions

Write discussion on Homework
Your posts are moderated

Write your message here..

Related Questions

Bonds issued giving the holder the option of exchanging, Bonds issued givin... Bonds issued giving the holder the option of exchanging the bonds for capital stock of the corporation are called

Accounting theory, explain the proceedure followed in government system of ... explain the proceedure followed in government system of accounting in india

Finance officer, Finance Officer: the life blood of business is Finance. P... Finance Officer: the life blood of business is Finance. Procuring financial resources and their judicious utilization are the two significant activities of financial management. F

Wings inc., Wings Inc., a software development firm, has stock outstanding ... Wings Inc., a software development firm, has stock outstanding as follows: 25,000 shares of cumulative 1%, preferred stock of $40 par, and 50,000 shares of $120 par common. Durin

calculate the gain or loss of company, During the tracking period, 18 Marc... During the tracking period, 18 March to 21 April 2011, your team is to monitor the performance of the shares and the overall performance of the Australian share-market.  Can you ma

Accounting, I purchased equipment for 3,000 but only paid 1,000 of it and p... I purchased equipment for 3,000 but only paid 1,000 of it and put rest of it on an account. how would I put that into a asset=liabilities+ owns equity equation?

Net Cash, The net cash provided by operating activities is affected by The net cash provided by operating activities is affected by

Explain about manufacturing companies, Q. Explain about Manufacturing compa... Q. Explain about Manufacturing companies? Manufacturing companies purchase materials convert them into products and then sell the products to other companies or else to the fin

Suppose you want to have $5, Suppose you want to have $5,000 saved at the e... Suppose you want to have $5,000 saved at the end of five years. The bank will pay 2% interest on your money. How much would you have to deposit today to have the $5,000 you want

The formula for computing additional paid-in capital, The formula for compu... The formula for computing additional paid-in capital in excess of par is shares of stock times Saturday