preparing a trial balance [45-60 min] Vernon Yung practices medicine under the business title Vernon Yung, M.D. During July, the medical practice completed the following transactions: Jul 1 Yung deposited $68,000 cash in the business bank account. The business gave capital to Yung. 5 Paid monthly rent on medical equipment, $560. 9 Paid $16,000 cash to purchase land for an office site. 10 Purchased supplies on account, $1,600. Borrowed $23,000 from the bank for business use. Yung signed a note payable to the bank in the name of the business. 22 Paid S1,300 on account. 19 31 Revenues carned during the month included S6,500 cash and $5,800 on account. 31 Paid employees' salaries $2,500, office rent $1,100, and utilities $400, Make a single compound entry. 31 Yung withdrew cash of $7,000. The business uses the following accounts: Cash; Accounts receivable; Supplies; Land; Accounts payable; Notes payable; Yung, capital; Yung, drawing; Service revenue; Salary expense; Rent expense; and Utilities expense. ments Journal rion hown for Evplanations re not

preparing a trial balance [45-60 min] Vernon Yung practices medicine under the business title Vernon Yung, M.D. During July, the medical practice completed the following transactions: Jul 1 Yung deposited $68,000 cash in the business bank account. The business gave capital to Yung. 5 Paid monthly rent on medical equipment, $560. 9 Paid $16,000 cash to purchase land for an office site. 10 Purchased supplies on account, $1,600. Borrowed $23,000 from the bank for business use. Yung signed a note payable to the bank in the name of the business. 22 Paid S1,300 on account. 19 31 Revenues carned during the month included S6,500 cash and $5,800 on account. 31 Paid employees' salaries $2,500, office rent $1,100, and utilities $400, Make a single compound entry. 31 Yung withdrew cash of $7,000. The business uses the following accounts: Cash; Accounts receivable; Supplies; Land; Accounts payable; Notes payable; Yung, capital; Yung, drawing; Service revenue; Salary expense; Rent expense; and Utilities expense. ments Journal rion hown for Evplanations re not

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Description: Analyzing and journalizing transactions, posting, andpreparing a trial balance [45-60 min]Vernon Yung practices medicine under the business title Vernon Yung, M.D. DuringJuly, the medical practice completed the following transactions:Jul 1 Yung depo

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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