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rning Objectives 3, 4 2. Cash Balance 569,880 > Problems Group A P2-29A Journalizing transactions, posting journal entries to T-accounts, and preparing a trial balance Vernon Yung practices medicine under the business title Vernon Yung, M.D. During July, the medical practice completed the following transactions: Jul 1 Yung contributed $68,000 cash to the business in exchange for capital 5 Paid monthly rent on medical equipment, $560. 9 Paid $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 S1,300 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 51,140 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 ref- erences 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