July 5: Paid monthly rent on medical equipment, $610. July 31 (b): Paid employees' salaries $2,900, office rent $1,400, and utilities $650. Record these entries as a compound entry. \begin{tabular}{|c|c|c|c|} \hline Date & Accounts & Debit & Credit \\ \hline \multicolumn{4}{|l|}{ Jul. 31 (b) } \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} July 31 (d): Paid cash dividends of $7,000. July 31 (a): Revenues earned during the month included $6,500 cash and $5,800 on account. Record as a compound entry. \begin{tabular}{|c|c|c|c|} \hline Date & Accounts & Debit & Credit \\ \hline \multicolumn{4}{|l|}{ Jul. 31 (a) } \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} July 10: Purchased office supplies on account, $1,000. July 9: Paid $22,000 cash to purchase land to be used in operations. July 22: Paid $700 on account. July 19: Borrowed $23,000 from the bank for business use. \begin{tabular}{|c|c|c|c|} \hline Date & Accounts & Debit & Credit \\ \hline \multicolumn{4}{|l|}{ Jul. 19} \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} Reauirement 3. Preoare the trial balance of Vernon Yuna. M.D. as of July 31, 2018. July 22: Paid $700 on account. July 28: The business received a bill for advertising in the daily newspaper to be paid in August, $280. \begin{tabular}{|c|c|c|c|} \hline Date & Accounts & Debit & Credit \\ \hline \multicolumn{4}{|l|}{ Jul. 28} \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} 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, 2018. equirement 1. Journalize each transaction. Explanations are not required. (Record debits first, then credits. Exclude explanations from urnal entries.) 1: Yung contributed $60,000 cash to the business in exchange for common stock. Requirement 2. Post the journal entries to the T-accounts, using transaction dates as posting references in the ledger accounts. I ahel the halance of each acrount Ral (Identifu the .lulv 31 transactions as " A " - ' d " as thev are laheled in the inumal entru tahles ) July 31 (c): The business received $1,130 for medical screening services to be performed next month. \begin{tabular}{|c|c|c|c|} \hline Date & Accounts & Debit & Credit \\ \hline \multicolumn{4}{|l|}{ Jul. 31 (c) } \\ \hline & & & \\ \hline & & & \\ \hline & & & \\ \hline \end{tabular} More info \begin{tabular}{|c|c|} \hline Jul. 1 & Yung contributed $60,000 cash to the business in exchange for common stock. \\ \hline Jul. 5 & Paid monthly rent on medical equipment, $610. \\ \hline Jul. 9 & Paid $22,000 cash to purchase land to be used in operations. \\ \hline Jul. 10 & Purchased office supplies on account, $1,000. \\ \hline Jul. 19 & Borrowed $23,000 from the bank for business use. \\ \hline Jul. 22 & Paid $700 on account. \\ \hline Jul. 28 & The business received a bill for advertising in the daily newspaper to be paid in August, $280. \\ \hline Jul. 31 & Revenues earned during the month included $6,500 cash and $5,800 on account. \\ \hline Jul. 31 & \begin{tabular}{l} Paid employees' salaries $2,900, office rent $1,400, and utilities $650. Record as a compound \\ entry. \end{tabular} \\ \hline Jul. 31 & The business received $1,130 for medical screening services to be performed next month. \\ \hline lul 31 & Paid cash dividends of $7000 \\ \hline \end{tabular}