VincentVincent

YarwoodYarwood

practices medicine under the business title

Vincent Yarwood comma M. D.Vincent Yarwood, M. D.

During

JulyJuly,

the medical practice completed the following transactions:

1

YarwoodYarwood

contributed

$ 68 comma 000$68,000

cash to the business in exchange for capital.

5

Paid monthly rent on medical equipment,

$ 550$550.

9

Paid

$ 17 comma 000$17,000

cash to purchase land to be used in operations.

10

Purchased office supplies on account,

$ 1 comma 800$1,800.

19

Borrowed

$ 24 comma 000$24,000

from the bank for business use.

22

Paid

$ 1 comma 700$1,700

on account.

28

The business received a bill for advertising in the daily newspaper to be paid in

AugustAugust,

$ 290$290.

3131

Revenues earned during the month included

$ 6 comma 000$6,000

cash and

$ 5 comma 500$5,500

on account.

3131

Paid employees' salaries

$ 2 comma 000$2,000,

office rent

$ 1 comma 000$1,000,

and utilities

$ 550$550.

Record as a compound entry.

3131

The business received

$ 1 comma 260$1,260

for medical screening services to be performed next month.

3131

YarwoodYarwood

withdrew cash of

$ 7 comma 400$7,400.

The business uses the following accounts: Cash; Accounts Receivable; Office Supplies; Land; Accounts Payable; Advertising Payable; Unearned Revenue; Notes Payable;

YarwoodYarwood,

Capital;

YarwoodYarwood,

Withdrawals; Service Revenue; Salaries Expense; Rent Expense; Utilities Expense; and Advertising Expense.

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 Vincent Yarwood comma M. D.Vincent Yarwood, M. D., as of JulyJuly 3131, 20172017 Requirement 1. Journalize each transaction. Explanations are not required. (Record debitsfirst, then credits. Exclude explanations from journal entries.) JulyJuly 1: YarwoodYarwood contributed $ 68 comma 000$68,000 cash to the business in exchange for capital.