Date	Accounts involved in transaction?	Classification of the account?	Increasing or Decreasing?	Debit or Credit the Account?	Amount?
Ye
7/1	Cash	Asset	Increasing	Debit	$ 63,000
	York, Capital	Capital	Increasing	Credit	$ 63,000
7/5
7/9	Cash
7/10
7/19
7/22
7/28	Accounts Payable
7/31	This is a compound entry.
7/31	This is a compound entry.
7/31
7/31 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 $63,000 cash to the business in exchange for capital. 5 Paid monthly rent on medical equipment, $510. 9 Paid $23,000 cash to purchase land to be used in operations. 10 Purchased office supplies on account, $1,600. 19 Borrowed $22,000 from the bank for business use. Yung signed a note payable to the bank in the name of the business. 22 Paid $1,100 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 $6,400 cash and $6000 on account. 31 Paid employees salaries $2,200, office rent $1,900, and utilities, $560. Record as a compound entry. 31 The business received $1,120 for medical screening services to be performed next month. 31 Yung withdrew cash of $7,200. 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.