Cohen opened a medical practice specializing in surgery. During the first month of operation (July). the business, titled Kyle Cohen, Professional Corporation (P.C.), experienced the following events: 12 Jul 6 Cohen invested 54,000 in the business, which in turn issued its ordinary shares to him. 9 The business paid cash for land costing 21,000. Cohen plans to build an office building on the land. The business purchased medical supplies for 3,200 on account. 15 Kyle Cohen, P.C., officially opened for business. 15-31 During the rest of the month, Cohen treated patients and earned service revenue of 8,400, receiving cash for half the revenue earned. 15-31 The business paid cash expenses: employee salaries, E700; office rent, 750, utilities, 500. 31 The business sold supplies to another physician for cost of 500. 31 The business borrowed 17,000, signing a note payable to the bank. 31 The business paid 800 on account Requirements 1- Record each transaction in the journal. Key each transaction by date. Explanations are not required. 2- Post the transactions to the T-accounts, using transaction dates as posting references. Label the ending balance of each account Bal., as shown in the chapter. 3- Prepare the trial balance of Kyle Cohen, Inc., at July 31 of the current year. 4 Prepare the financial statements for Kyle Cohen: Income statement, statement of changes in equity, and the Balance sheet