Answered Essay: Vernon Yung practices medicine under the business title Vernon Yung, M.D. During July, the medical practic

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.

Expert Answer

 

1.

Solution

Journal Entries in the books of Vernon Yung:

Date                Account Titles                        Debit               Credit

July 1              Cash                            $68,000

Yung, Capital                         $68,000

July 5              Rent Expense              $560

Cash                                        $560

July 9              Land                            $16,000

Cash                                        $16,000

July 10                        Office Supplies           $1,600

Accounts Payable                   $1,600

July 19                        Cash                            $23,000

Notes Payable                         $23,000

July 22                        Accounts Payable       $1,300

Cash                                        $1,300

July 30                        Advertising Expense $240

Advertising Payable               $240

July 31                        Cash                            $6,500

Accounts Receivable $5,800

Service Revenue                     $12,300

July 31                        Salaries Expense        $2,500

Rent Expense              $1,000

Utilities Expense        $400

Cash                                        $3,900

July 31            Cash                            $8,110

Unearned Revenue                 $1,140

July 31            Yung Withdrawals     $7,000

Cash                                        $7,000

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