Recording Business Transactions problems Group B P2-35 Journalizing transactions, posting journal entries to -accounts, and preparing a trial balance Learning objectives 3, 4 Vito York practices medici under the business title Vito York. M.D. March, 2. Cash Balance s o20 ne the medical practice completed During the following transactions: Mar t York contributed S64,000 cash to the business in exchange for common 5 Paid monthly rent on medical equipment S630 9 Paid $13,000 cash to purchase land to be used in operatons Purchased office supplies on account, $1,800, 19 Borrowed S24.000 from the bank for business use. 22 Paid 1.200 on account 28 The business received a bur for advertising in the daly newspaper to be pad in April, $270. 31 Revenues earned during the month included 36,600 cash and S5.800 on 31 Paid employees' salaries s2,700, office rent $1,500, and utilities S40o. Record as a compound entry. 31 The business received s1.4so for medical screening services to be performed 31 Paid cash dividends of S6.600 The business uses the following accounts: Casha Accounts Receivable; Office Supplies: Land: Accounts Payable: Advertising Payable. Unearned Revenue: Notes Payable: Common Stock: Dividends; Service Revenue: ries Expenses Rent Expense: Expense: and Advertising Expense. uirements 1. Journalize each transaction. Explanations are not required 2. Post the journal entries to the Taccounts, using transaction dates as posting references in the ledger accounts. Label the balance of each account Bal. 3. Prepare the trial balance of Vito York, M.D as of March 31, 2017