P2-29A Analyzing and journalizing transactions, posting, and preparing a trial balance [45–60 min] Vernon Yung practices medicine under the business title Vernon Yung, M.D., P.C. During July, the medical practice completed the following transactions:
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The business uses the following accounts: Cash, Accounts receivable, Supplies, Land,
Accounts payable, Notes payable, Common stock, Dividends, Service revenue, Salary expense, Rent expense, and Utilities expense.
Requirements
1. Journalize each transaction, as shown for July 1. Explanations are not required.
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2. Post the transactions to the T-accounts, using transaction dates as posting references in the ledger accounts. Label the balance of each account Bal, as shown in the chapter.
3. Prepare the trial balance of Vernon Yung, M.D., P.C., at July 31, 2012.
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