Complete the following exercise and problem

> 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 5 9 10 19 Yung contributed $68,000 cash to the business in exchange for capital. Paid monthly rent on medical equipment, $560. Paid $16,000 cash to purchase land to be used in operations. Purchased office supplies on Borrowed $23,000 from the bank for business use. Yung signed a note payable to the bank in the name of the business. Paid $1,300 on account. 22 28 The business received a bill for advertising in the daily newspaper to be paid in August, $240 Revenues earned during the month included $6,500 cash and $5,800 on 31 account. Paid employees' salaries $2,500, office rent $1,000, and utilities, $400 Record as a compound entry. The business received $1,140 for medical screening services to be performed 31 31 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. Prepare the trial balance of Vernon Yung, M.D. as of July 31, 2015 3