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Dr.-King Answer

The document shows journal entries and t-accounts for Dr. King's Medical Clinic for July 20x1. It records an initial investment of $1,000,000 cash by King on July 4. Other entries record the purchase of office equipment, payment of salaries, and rendering of medical services. A trial balance at July 30 shows total debits of $1,057,000 equal to total credits.

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Adolph Christian Gonzales
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1K views

Dr.-King Answer

The document shows journal entries and t-accounts for Dr. King's Medical Clinic for July 20x1. It records an initial investment of $1,000,000 cash by King on July 4. Other entries record the purchase of office equipment, payment of salaries, and rendering of medical services. A trial balance at July 30 shows total debits of $1,057,000 equal to total credits.

Uploaded by

Adolph Christian Gonzales
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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Journal Entries: Dr Cr

July 4 Cash 1,000,000


King, Capital 1,000,000
(Invested for the Medical Clinic)
July 5 Office Equipment 20,000
Cash 5,000
Accounts Payable 15,000
(Bought office equipment)
July 7 King, Withdrawal 70,000
Cash 70,000
(Withdrew cash for personal uses)
July 15 Accounts Receivable 40,000
Service Income 40,000
(Rendered services on account)
July 21 Salaries Expense 6,000
Cash 6,000
(Paid employee’s salaries)
July 30 Prepaid Supplies 2,000
Accounts Payable 2,000
(Purchased supplies on account)
T-Accounts
Assets:
Cash Accounts Receivable
Jul. 15 40,000
Jul. 4 1,000,000 Jul. 5 5,000

Jul. 7 70,000

Jul. 21 6,000 End. Bal. 40,000

End. Bal. 919,000

Office Equipment Prepaid Supplies


Jul. 5 20,000 Jul. 30 2,000

End. Bal. 20,000 End Bal. 2,000

Liabilities:
Accounts Payable

Jul. 5 15,000
Jul. 30 2,000
End. Bal. 17,000

Equity:
King, Capital King, Withdrawals
July 4. 1,000,000 Jul. 7 70,000

End. Bal. End. Bal. 70,000


1,000,000

Income: Expense:
Service Income Salaries Expense
Jul. 15 40,000 Jul. 21 6,000

End. Bal. 40,000 End. Bal. 6,000


Dr. King Medical Clinic
Trial Balance
July 30, 20x1
ACCOUNTS Debit Credit
Cash 919,000
Accounts Receivable 40,000
Prepaid Supplies 2,000
Office Equipment 20,000
Accounts Payable 17,000
King, Capital 1,000,000
King, Withdrawal 70,000
Service Income 40,000
Expense 6,000
TOTAL 1,057,000 1,057,000

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