Vernon Yung practices medicine under the business title Vernon Yung, M.D. During July, the medical practice completed the following transactions:Jul. 1Yung contributed $68,000 cash to the business in exchange for capital.5Paid monthly rent on medical equipment, $560.9Paid $16,000 cash to purchase land to be used in operations.10Purchased office supplies on account, $1,600.19Borrowed $23,000 from the bank for business use. Yung signed a note payable to the bank in the name of the business.22Paid $1,300 on account.28The business received a bill for advertising in the daily newspaper to be paid in August, $240.31Revenues earned during the month included $6,500 cash and $5,800 on account.31Paid employees’ salaries $2,500, office rent $1,000, and utilities, $400. Record as a compound entry.31The business received $1,140 for medical screening services to be performed next month.31Yung withdrew cash of $7,000.The business uses the following accounts: Cash; Accounts Receivable; Office Supplies; Land; Accounts Payable; Advertising Payable; Unearned Revenue; Notes Payable; Yung, Capital; Yung, Withdrawals; Service Revenue; Salaries Expense; Rent Expense; Utilities Expense; and Advertising Expense.Requirements1.Journalize each transaction. Explanations are not required.2.Post the journal entries to the T-accounts, using transaction dates as posting ref-erences in the ledger accounts. Label the balance of each account Bal.3.Prepare the trial balance of Vernon Yung, M.D. as of July 31, 2015.