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please solve this question! do not use excel please! Chapter 2 > Problems Group A preparing a trial balance P2-30A Learning Objectives 3, 4 P2-29A
please solve this question! do not use excel please!
Chapter 2 > Problems Group A preparing a trial balance P2-30A Learning Objectives 3, 4 P2-29A Journalizing transactions, posting journal entries to T-account Vernon Yung practices medicine under the business title Vernon Yung, MD. 2. Cash Balance 569,880 During July, the medical practice completed the following transactions M1 Yung contributed $68,000 cash to the business in exchange for capital 5 Paid monthly rent on medical equipment $560 9 Paid S16,000 cash to purchase land to be used in operations, 10 Purchased office supplies on account 51,600. 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 51,300 on account Dor the Sep 28 The business received a bil for advertising in the daily newspaper to be paid in August, $240 31 Revenues earned during the month included $6,500 cash and 55,800 on account 31 Paid employees' salaries 52,500, office rent $1,000, and utilities, $400. Record as a compound entry 31 The business received $1.140 for medical screening services to be performed next month 31 Yung withdrew cash of $7,000. The business uses the following accounts: Cash; Accounts Receivable; Office Supplies Land: Accounts Payable, Advertising Payable. Unearned Revenue; Notes Payable Yung Capital: Yung. Withdrawals Service Revenue; Salaries Expense: Rent Expense, Utilities Expense, and Advertising Expense. Requirements 1. Journalize cach transaction. Explanations are not required. 2. Post the journal entries to the T-accounts, using transaction dates as posting reb ermices in the ledger accounts. Label the balance of each account Bal. 3. Prepare the trial balance of Vernon Yang M.D. as of July 31, 2015 Step by Step Solution
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