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Vernon Yung practises medicine under the business title Vernon Yung, MD. During July, the medical practice completed the transactions provided. (Click the icon to view
Vernon Yung practises medicine under the business title Vernon Yung, MD. During July, the medical practice completed the transactions provided. (Click the icon to view the transactions.) The business uses the following accounts: Cash: Accounts Receivable, Office Supplies; Land, Accounts Payable: Unearned Revenue, Note Payable; V. Yung. Capital, V. Yung, Withdrawals, Service Revenue; Salaries Expense: Rent Expense, Utilities Expense, and Advertising Expense. Required Journalize each transaction. Explanations are not required. Requirement 1. Journalize each transaction. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) July 1 Yung contributed $61,000 cash to the business in exchange for capital. Date Jul 1 ary ces Accounts Debit Credit
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