Based on source documents, the transactions are analyzed to determine what accounts are involved and whether the accounts are debited or credited. For each transaction, total debits must equal total credits. The journal is a book of original entry in which a day-by-day record of business transactions is maintained. The parts of a journal entry consist of the transaction date, the title of the account(s) debited, the title of the account(s) credited, the amounts recorded in the Debit and Credit columns, and an explanation. Journalize the following transactions for the month of July: July 1 K. Elliot deposited $10,000 in the bank in the name of the business (Elliot Company). 2 The business paid the monthly office rent, $500. 3 The business purchased office equipment on account, $1,500. 5 The business received consulting fees of, $750. 18 The business paid the monthly telephone bill, $75. 25 K. Elliot withdrew $200 for personal use. 30 The business purchased supplies for $1,000, paying $500 in cash and the rest on account. For a compound transaction, If an amount box does not require an entry, leave it blank