Following is the chart of accounts of Vance Rehab Clinic

Following is the chart of accounts of Vance Rehab Clinic:Assets 111 Cash 113 Accounts
Receivable 115 Supplies 117 Prepaid Insurance 124 Equipment Liabilities 221 Accounts
Payable Owner’s Equity 311 J. Vance, Capital 312 J. Vance, DrawingRevenue 411
Professional Fees Expenses 511 Salary Expense 512 Rent Expense 513 Laboratory Expense
514 Utilities ExpenseVance completed the following transactions during July: July 1 Bought
laboratory equipment on account from Sage Surgical Supply Company, $ 6,520, paying $ 1,520
in cash and placing the remainder on account, Inv. No. 2071, Ck. No. 1930. 3 Paid the office
rent for the current month, $ 1,550, Ck. No. 1931. 5 Received cash on account from patients, $
3,045. 6 Bought supplies on account from Allround Supply, $ 320, Inv. No. 3455. 9 Received
and paid the bill for laboratory services, $ 1,484, Ck. No. 1932. 10 Bought insurance for one
year, $ 2,600, Ck. No. 1933. 12 Performed rehab services for patients on account, $ 5,185. 14
Performed rehab services for patients for cash, $ 5,050. 18 Part of the equipment purchased on
July 1 was found to be broken. Vance returned the damaged part and received a reduction in
her bill, $ 410, Inv. No. 2071, Credit Memo No. 218. (Credit Equipment.) 20 Paid the salary of
the part- time nurse, $ 2,200, Ck. No. 1934. 22 Received and paid the telephone bill for the
month, $ 380, Ck. No. 1935. 24 Performed rehab services for patients on account, $ 4,235. 30
Vance withdrew cash for her personal use, $ 2,000, Ck. No. 1936.Required 1. Journalize the
transactions for July in the general journal, beginning on page 21. 2. Write the name of the
owner next to the Capital and Drawing accounts in the general ledger. The balances of the
accounts as of June 30 have been recorded in the general ledger in your Working Papers or in
CengageNow. Notice the word Balance in the Item column, the check mark in the Post. Ref.
column, and the fact that the amount is in the Balance column only. This indicates a balance
brought forward from a prior page or month. 3. Post the entries to the general ledger accounts.
4. Prepare a trial balance.View Solution: Following is the chart of accounts of Vance Rehab
Clinic
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