More info 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. Print Done 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 Young, M.D., as of July 31, 2024. Print Done ino More info an Jul. 1 Young contributed $68,000 cash to the business in exchange for capital. Jul. 5 Paid monthly rent on medical equipment, $530. Jul. 9 Paid $15,000 cash to purchase land to be used in operations. Jul. 10 Purchased office supplies on account, $1,100, Jul. 19 Borrowed $24,000 from the bank for business use. Jul. 22 Paid $700 on account. Jul. 28 The business received a bill for advertising in the daily newspaper to be paid in August, $260. Jul. 31 Revenues earned during the month included $6,600 cash and $5,600 on account. Jul. 31 Paid employees' salaries $2,000, office rent $1,800, and utilities $200. Record as a compound entry Jul. 31 The business received $1,150 for medical screening services to be performed next month. Jul. 31 Young withdrew cash of $7,500. ol Print Done TIIT LE 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.) Requirement 1. Journalize each transaction. Explanations are not required. (Record debits first, then credits. Exclude explana July 1: Young contributed $68,000 cash to the business in exchange for capital. Date Accounts Debit Credit Jul. 1 July 5: Paid monthly rent on medical equipment, $530. Date Accounts Debit Credit Jul. 5 July 9: Paid $15,000 cash to purchase land to be used in operations. Date Accounts Debit Credit Jul. 9 July 10: Purchased office supplies on account, $1,100. Date Accounts Debit Credit Accounts Payable d mon Accounts Receivable Advertising Expense Advertising Payable Cash Land $15, Notes Payable Office Supplies Rent Expense Salaries Expense rchas Service Revenue Unearned Revenue Utilities Expense Young, Capital Towe Young, Withdrawals July 10: Purchased office supplies on account, $1,100. Date Accounts Debit Credit Jul. 10 July 19: Borrowed $24,000 from the bank for business use. Date Accounts Debit Credit Jul. 19 July 22: Paid $700 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, $260. Accounts Debit Date Credit Jul. 28 July 31 (a): Revenues earned during the month included $6,600 cash and $5,600 on account. Record as a compound entry Date Accounts Debit Credit Jul 31 (a) July 31 (b): Paid employees' salaries $2,000, office rent $1,800, and utilities $200. Record these entries as a compound entry Date Accounts Debit Credit Jul 31 (b) July 31 (c): The business received $1,150 for medical screening services to be performed next month. Date Accounts Credit Debit Jul 31 (c) July 31 (d): Young withdrew cash of $7.500 Dato Accounts Debit Credit Jul 31 (d) Requirement 2. Post the transactions to the T-accounts, using transaction dates as posting references in the hedger accounts. Label the balance of each account Bal entry tables.) Post all of the journal entries for July Cash Accounts Payable Service Revenue Advertising Payable Salaries Expense Accounts Receivable Unearned Revenue Rent Expense Office Supplies Notes Payable Utilities Expense Land Young, Capital Advertising Expense Young, Withdrawals Requirement 3. Prepare the trial balance of Victor Young, M.D., as of July 31, 2024. Victor Young, M.D. Trial Balance July 31, 2024 Balance Account Title Debit Credit Total
