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P2-29A (similar to) Question Help Victor Young practices medicine under the business title Victor Young, M.D. During July, the medical practice completed the following transactions: (Click the icon to view the transactions.) The business uses the following accounts: Cash; Accounts Receivable; Office Supplies; Land; Accounts Payable; Advertising Payable; Unearned Revenue; Notes Payable; Young, Capital; Young, Withdrawals; Service Revenue: Salaries Expense; Rent Expense; Utilities Expense; and Advertising Expense. Read the requirements Requirement 1. Journalize each transaction. Explanations are not required. (Record debits first, then credits. Explanations are not required.) July 1: Young contributed $62,000 cash to the business in exchange for capital. Date Accounts Debit Credit Data Table Jul. 1 - X Requirements July 1 Young contributed $62,000 cash to the business in exchange for capital. 5 Paid monthly rent on medical equipment, S630. 9 Paid $19,000 cash to purchase land to be used in operations. 10 Purchased office supplies on account, $1,300. 19 Borrowed $21,000 from the bank for business use. Young signed a note payable to the bank in the name of the business. 22 Paid $700 on account. 28 The business received a bill for advertising in the daily newspaper to be paid in August, $280 31 Revenues earned during the month included $6,100 cash and $6,300 on account. 31 Paid employees' salaries $2,700, office rent $1,300, and utilities $200. Record as a compound entry. 31 The business received $1,190 for medical screening services to be performed next month. 31 Young withdrew cash of $6,700. 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 Young, M.D. as of July 31, 2015. Print Done Choose from Print Done 23 parts Clear All remaining