Please Need HELP!!! Thank very much in advance!
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 July 31, 2018. More Info 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. Jul. 1 Yang contributed $71,000 cash to the business in exchange for capital. 5 Paid monthly rent on medical equipment, $560. 9 Paid $17,000 cash to purchase land to be used in operations. 10 Purchased office supplies on account, $1,700. 19 Borrowed $24,000 from the bank for business use. 22 Paid $1,200 on account. 28 The business received a bill for advertising in the daily newspaper to be paid in August, $250. 31 Revenues earned during the month included $6,600 cash and $5,800 on account. 31 Paid employees' salaries $2,000, office rent $800, and utilities $300. Record as a compound entry. 31 The business received $1,190 for medical screening services to be performed next month. 31 Yang withdrew cash of $6,500. Requirement 1. Journalize each transaction. Explanations are not required. (Record debits first, then credits. Exclude explanations from joumal entries. Check your speling carefully and do not abbreviate. Use only the account names provided in the problem statement.) July 1: Yang contributed $71.000 cash to the business in exchange for capital. Date Accounts Debit Credit Jul 1 July 5: Paid monthly rent on medical equipment. $560 Date Accounts Debit Credit Juls July 9. Paid $17,000 cash to purchase and to be used in operations. Date Accounts Debit Credit Jul 9 July 10: Purchased office supplies on account. $1,700. Accounts Debit Credit Date Jul 10 July 19: Borrowed $24.000 from the bank for business use Date Accounts Debit Credit Jul. 19 July 22: Pald $1,200 on account. Date Accounts Debit Credit Jul 22 July 28: The business received a bill for advertising in the daily newspaper to be paid in August. $250 Accounts Debit Credit Date Jul. 28 July 31 (a): Revenues earned during the month included $6,600 cash and $5,800 on account Record as a compound entry Date Accounts Debit Credit Jul 31 ) July 31 (b): Pald employees'salaries $2,000, office rent $800, and utilities $300. Record these entries as a compound entry Date Accounts Debit Credit Jul 31 (b) July 31 (c): The business received $1,190 for medical screening services to be performed next month Date Accounts Debit Credit Jul 31 ) July 31 (dy: Yang withdrew cash of $6,500 Date Accounts Debit Credit Jul 31 (d) Requirement 2. Post the transactions to the T-accounts, using transaction dates as posting references in the ledger accounts. Label the balance of each account Bal. (Identify the July 31 transactions as "a"- 'd' as they are labeled in the journal entry tables.) Cash Accounts Payable Service Revenue Advertising Payable Salaries Expense Accounts Receivable Unearned Revenue Rent Expense Office Supplies Notes Payable Utilities Expense Land Yang, Capital Advertising Expense Yang, Withdrawals Requirement 3. Prepare the trial balance of Victor Yang, M.D., as of July 31, 2018 Victor Yang, M.D. Trial Balance July 31, 2018 Balance Credit Account Title Debit Total Choose from any list or enter any number in the input fields and then continue to the next
