Question

136 chapter 2 T-accounts, and Group A ournal entries to T > Problems Learning Objectives 3, 4 P2-29A Joumalizing tn Dor the f Yune trial balance completed the tollowing transactions in exchange for capital preparing a Cash dalance 163.18 madicine under the business title Vernon Vermon Yung prasmicial 2. Cash Salance $63.480 Daring July. che medical practice sep 1 ung contribuced S6R.000 cash to the 5 Paid monthy nent on medical equipment, 5560 9 Paid $16,000 cash to purchase land to be used in operations 10 Purchased office supplies on account, $1,600 19 Bonowed $23,00 from the bank for business use. Yung signed a noe payable to the bank in the name of the business 22 Pad $1,300 on account 28 The business received a bill for advertising in the daily newspaper in August, $240 Reenues earned during the month induded $6,500 cash and $5,800 on 31 Paid employees' salaries $2,500, office rent $1,000, and utilities, $400 Record as a compound entry 31 The business received $1,140 for medical screening services to be performe next month 31 Yung withdrew cash of $7,000 The business uses the following accounts: Cash, Accounts Receivable: Office Supoin Land: Accounts Payable: Advertising Payable; Unearned Revenue; Notes Payable Ying Capital, Yung, Withdrawals Service Revenue, Salaries Expense; Rent Expense Ueilities Expense, and Advertising Expense Requirements 1. Journalize each transaction. Explanations are not required 2. Post the journal entries to the T-accounts, using transaction dates as posting 3. Prepare the trial balance of Vernon Yung, M.D. as of July 31, 2015 erences in the ledger accounts. Label the balance of each account Bal.

Answer 1