Jul. 1 5 9 10 19 22 28 Yung contributed $67,000 cash to the business in exchange for common stock. Paid monthly rent on medical equipment, $620. Paid $19,000 cash to purchase land to be used in operations. Purchased office supplies on account, $1,500. Borrowed $28,000 from the bank for business use. Paid $1,300 on account. The business received a bill for advertising in the daily newspaper to be paid in August, $220. Revenues earned during the month included $6,600 cash and $5,900 on account. Paid employees' salaries $2,300, office rent $1,200, and utilities $250. Record as a compound entry The business received $1,280 for medical screening services to be performed next month. Paid cash dividends of $7,300 31 31 31 31 The business uses the following accounts: Cash; Accounts Receivable; Office Supplies; Land; Accounts Payable; Advertising Payable; Unearned Revenue; Notes Payable Common Stock; Dividends; Service Revenue; Salaries Expense; Rent Expense; Utilities Expense; and Advertising Expense. Requirements 1 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, 2018 Requirement 1. Journalize each transaction. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) July 1: Yung contributed $67,000 cash to the business in exchange for common stock. Credit Date Accounts Debit Jul. 1 Accounts Payable Accounts Receivable Advertising Expense Advertising Payable Cash Common Stock Dividends Land Notes Payable Office Supplies Rent Expense Salaries Expense Service Revenue Unearned Revenue Utilities Expense July 5: Paid mon Date Debit Credit Jul. 5 July 9: Paid $19, Credit Date Debit Jul. 9 Choose from any list or enter any number in the input fields and then continue to the next question. Jul. 10 July 19: Borrowed $28,000 from the bank for business use Date Debit Accounts Credit Jul. 19 July 22: Paid $1,300 on account. Date Debit Credit Accounts Jul. 22 uly 28: The business received a bill for advertising in the daily newspaper to be paid in August, $220 Date Accounts Debit Credit Jul. 28 July 31 (a): Revenues earned during the month included $6,600 cash and $5,900 on account. Record as a compound entry Debit Date Credit Accounts Jul. 31 (a) July 31 (b): Paid employees' salaries $2,300, office rent $1,200, and utilities $250. Record these entries as a compound entry. Credit Date Debit Accounts Jul. 31 (b) July 31 (c): The business received $1,280 for medical screening services to be performed next month. Debit Credit Date Accounts Jul. 31 (c) July 31 (d): Paid cash dividends of $7,300 Credit Date Accounts Debit Jul. 31 (d) Requirement 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. (ldentify the July 31 transactions as "a" - 'd" as they are labeled in the journal entry tables.) Post all of the joumal entries for Juy Cash Accounts Payable Service Revenue Advertising Payable Salaries Expense Receivable Rent Expens Accounts Unearned Revenue Office Supplies Notes Payable Utilities Expense Land Common Stock Advertising Expense Dividends Requirement 3. Prepare the trial balance of Vernon Yung, M.D. as of July 31, 2018. Vernon Yung, M.D. Trial Balance July 31, 2018 Balance Credit Account Title Debit