ACCOUNTING

Hello, I need help with this problem:

P2-29A Journalizing transactions, posting

journal entries to T-accounts, and preparing atrial balanceVernon Yung

practices medicine under the business title Vernon Yung, M.D.

During July, the medical practice completed the following transactions:

Jul. 1Yung contributed $68,000 cash to the business in exchange for capital.

5 Paid monthly rent on medical equipment, $560.9Paid $16,000 cash to purchase land to be used in operations.

10 Purchased office supplies on account, $1,600.

19 Borrowed $23,000 from the bank for business use. Yung signed a note payable to the bank in the name of the business.

22 Paid $1,300 on account.

28 The business received a bill for advertising in the daily newspaper to be paid in August, $240.

31 Revenues earned during the month included $6,500 cash and $5,800 on account.

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 performed next month.

31 Yung withdrew cash of $7,000.

The business uses the following accounts: Cash; Accounts Receivable; Office Supplies; Land; Accounts Payable; Advertising Payable; Unearned Revenue; Notes Payable; Yung, Capital; Yung, Withdrawals; Service Revenue; Salaries Expense; Rent Expense; Utilities 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 references in the ledger accounts. Label the balance of each account Bal.

3.Prepare the trial balance of Vernon Yung, M.D. as of July 31, 2015.