Reference no: EM133122785
Question - On July 31, 2021, Lee Meche, MD, had the following balances in the ledger for his medical practice: Cash $8,750, Accounts Receivable $2,625, Supplies $525, Equipment $15,250, Notes Payable $10,730, Accounts Payable $880, L. Meche, Capital $15,000, L. Meche, Drawings $5,230, Service Revenue $9,600, Rent Expense $1,340, and Salaries Expense $2,490. Transactions during August 2021 follow:
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General Journal
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Date
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Account Titles
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Debit
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Credit
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2021
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Aug. 1
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Rent Expense
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1,340
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Cash
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1,340
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10
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Accounts Payable
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420
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Cash
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420
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12
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Cash
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2,210
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Accounts Receivable
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2,210
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25
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Salaries Expense
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2,490
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Cash
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2,490
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30
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Notes Payable
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525
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Interest Expense
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50
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Cash
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575
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31
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Cash
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6,100
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Accounts Receivable
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2,670
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Service Revenue
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8,770
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31
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L. Meche, Drawings
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4,740
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Cash
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4,740
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Required -
1. Create T accounts and enter the July 31 balances.
2. Post the transactions to the T accounts.
3. Prepare a trial balance at August 31.
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