Date Accounts involved in transaction? Classification of the account? Increasing or Decreasing? Debit or Credit the Account? Amount? Ye 7/1 Cash Asset Increasing Debit $ 63,000 York, Capital Capital Increasing Credit $ 63,000 7/5 7/9 Cash 7/10 7/19 7/22 7/28 Accounts Payable 7/31 This...

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Accounting

Date
Accounts involved in transaction? Classification of the account? Increasing or Decreasing? Debit or Credit the Account? Amount?
Ye
7/1 Cash Asset Increasing Debit $ 63,000
York, Capital Capital Increasing Credit $ 63,000
7/5
7/9 Cash
7/10
7/19
7/22
7/28 Accounts Payable
7/31 This is a compound entry.
7/31 This is a compound entry.
7/31
7/31
P2-29A Journalizing transactions, posting journal entries toT-accounts, and preparing a trial balance
Vernon Yung practices medicine under the business title VernonYung, M.D.
During July, the medical practice completed the followingtransactions:
Jul. 1 Yung contributed $63,000 cash to the business in exchangefor capital.
5 Paid monthly rent on medical equipment, $510.
9 Paid $23,000 cash to purchase land to be used inoperations.
10 Purchased office supplies on account, $1,600.
19 Borrowed $22,000 from the bank for business use. Yung signeda note
payable to the bank in the name of the business.
22 Paid $1,100 on account.
28 The business received a bill for advertising in the dailynewspaper to be paid
in August, $240.
31 Revenues earned during the month included $6,400 cash and$6000 on
account.
31 Paid employees’ salaries $2,200, office rent $1,900, andutilities, $560.
Record as a compound entry.
31 The business received $1,120 for medical screening servicesto be performed
next month.
31 Yung withdrew cash of $7,200.
The business uses the following accounts: Cash; AccountsReceivable; Office Supplies;
Land; Accounts Payable; Advertising Payable; Unearned Revenue;Notes Payable;
Yung, Capital; Yung, Withdrawals; Service Revenue; SalariesExpense; Rent Expense;
Utilities Expense; and Advertising Expense.
Requirements
1. Journalize each transaction. Explanations are notrequired.
2. Post the journal entries to the T-accounts, using transactiondates as posting references
in the ledger accounts. Label the balance of each accountBal.
3. Prepare the trial balance of Vernon Yung, M.D. as of July 31,2015.

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Answer Q1 Journalising the transactions Date Particulars Debit Credit July 01 Cash 63000 Yung Capital 63000 July 5 Rent Expense 510 Cash 510 July 9 Land 23000 Cash 23000 July 10 Office Supplies 1600 Accounts Payable 1600 July 19 Cash 22000 Notes Payable 22000 July 22 Accounts Payable 1100 Cash 1100 July 28 Advertising See Answer

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*Date*	*Accounts involved in transaction?*	*Classification of the account?*	*Increasing or Decreasing?*	*Debit or Credit the Account?*	*Amount?*
Ye

*7/1*	*Cash*	*Asset*	*Increasing*	*Debit*	*$ 63,000*
	*York, Capital*	*Capital*	*Increasing*	*Credit*	*$ 63,000*
*7/5*
*7/9*	*Cash*
*7/10*
*7/19*
*7/22*
*7/28*	*Accounts Payable*
*7/31*	*This is a compound entry.*
*7/31*	*This is a compound entry.*
*7/31*
*7/31* P2-29A Journalizing transactions, posting journal entries toT-accounts, and preparing a trial balance Vernon Yung practices medicine under the business title VernonYung, M.D. During July, the medical practice completed the followingtransactions: Jul. 1 Yung contributed $63,000 cash to the business in exchangefor capital. 5 Paid monthly rent on medical equipment, $510. 9 Paid $23,000 cash to purchase land to be used inoperations. 10 Purchased office supplies on account, $1,600. 19 Borrowed $22,000 from the bank for business use. Yung signeda note payable to the bank in the name of the business. 22 Paid $1,100 on account. 28 The business received a bill for advertising in the dailynewspaper to be paid in August, $240. 31 Revenues earned during the month included $6,400 cash and$6000 on account. 31 Paid employees’ salaries $2,200, office rent $1,900, andutilities, $560. Record as a compound entry. 31 The business received $1,120 for medical screening servicesto be performed next month. 31 Yung withdrew cash of $7,200. The business uses the following accounts: Cash; AccountsReceivable; Office Supplies; Land; Accounts Payable; Advertising Payable; Unearned Revenue;Notes Payable; Yung, Capital; Yung, Withdrawals; Service Revenue; SalariesExpense; Rent Expense; Utilities Expense; and Advertising Expense. Requirements 1. Journalize each transaction. Explanations are notrequired. 2. Post the journal entries to the T-accounts, using transactiondates as posting references in the ledger accounts. Label the balance of each accountBal. 3. Prepare the trial balance of Vernon Yung, M.D. as of July 31,2015.