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 $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