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Vincent Yarwood practices medicine under the business title Vincent Yarwood, M.D. During July, the medical practice completed the following transactions: Jul. 1 Yarwood contributed $68,
Vincent Yarwood practices medicine under the business title Vincent Yarwood, M.D. During July, the medical practice completed the following transactions: Jul. 1 Yarwood contributed $68, 000 cash to the business in exchange for capital. 5 Paid monthly rent on medical equipment, $550. 9 Paid $17, 000 cash to purchase land to be used in operations. 10 Purchased office supplies on account, $1, 800. 19 Borrowed $24, 000 from the bank for business use. 22 Paid $1, 700 on account. 28 The business received a bill for advertising in the daily newspaper to be paid in August, $290. 31 Revenues earned during the month included $6, 000 cash and $5, 500 on account. 31 Paid employees' salaries $2, 000, office rent $1, 000, and utilities $550. Record as a compound entry. 31 The business received $1, 260 for medical screening services to be performed next month. 31 d withdrew cash of $7, 400. The business uses the following accounts: Cash; Accounts Receivables Office supplies; Land; Accounts Payable; Advertising Payable; Unearned Revenue; Notes Payable; Yarwood, Capital; Yarwood, Withdrawals Service Revenues Salaries Expenses Rent Expense: Utilities Expense; and Advertising Expense. Journalize each transaction. Explanations are not required. 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
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