Jan. 1 Murphy contributed $78,000 cash to the business, Terrence Murphy, Attorney. The business gave capital to Murphy. 3 Purchased office supplies, $600, and furniture, $1,700, on account. 4 Performed legal services for a client and received $1,000 cash. 7 Purchased a building with a market value of $130,000, and land with a market value of $25,000. The business paid $25,000 cash and signed a note payable to the bank for the remaining amount. 11 Prepared legal documents for a client on account, $400. 15 Paid assistant's semimonthly salary, $1,120. 16 Paid for the office supplies purchased on January 3 on account. 18 Received $2,700 cash for helping a client sell real estate. 19 Defended a client in court and billed the client for $1,800. 25 Received a bill for utilities, $600. The bill will be paid next month. 29 Received cash on account, $1,500. 30 Paid $1,200 cash for a 12-month insurance policy starting on February 1. 30 Paid assistant's semimonthly salary, $1,120. 31 Paid monthly rent expense, $1,800. 31 Murphy withdrew cash of $2,200. P2-35B Journalizing transactions, posting journal entries to T-accounts, an preparing a trial balance Victor Yang practices medicine under the business title Victor Yang, M.D. During March, the medical practice completed the following transactions: Mar. 1 5 10 19 22 28 Yang contributed $62,000 cash to the business in exchange for capital. Paid monthly rent on medical equipment, 5570. Paid $14,000 cash to purchase land to be used in operations. Purchased office supplies on account, $1,500. Borrowed $27,000 from the bank for business use. Borrowed Paid $1,400 on account. The business received a bill for advertising in the daily newspaper to be paid in April, $220. Revenues earned during the month included $6,700 cash and $5,800 on account. Paid employees' salaries $2,100, office rent $1,500, and utilities $350. Record as a compound entry. The business received $1,000 for medical screening services to be performed next month. Yang withdrew cash of $7,100 31 31 31 31 The business uses the following accounts: Cash; Accounts Receivable; Office Supplies; Land; Accounts Payable; Advertising Payable; Unearned Revenue; Notes Payable; Yang, Capital; Yang, 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 Victor Yang, M.D., as of March 31, 2018