David Gagnon opened a dental practice. During the first month of operation (August) the practice, titled Dental Clinic Ltd., experienced the following events:

Record the transactions in the journal of David Gagnon Dental Clinic Ltd. List the transactions by date, and give an explanation for each transaction.

Data table Aug. 6 Gagnon invested $36,000 in the business, which in turn issued its common shares to him. Aug. 9 The business paid cash for land costing $30,000. Gagnon plans to build a professional services building on the land. Aug. 12 The business purchased dental supplies for $2,100 on account. Aug. 15 David Gagnon Dental Clinic Ltd. officially opened for business. Aug. 1531 During the rest of the month, Gagnon treated patients and earned service revenue of $2,700, receiving cash for half the revenue earned. Aug. 1531 The practice paid cash expenses: employee salaries, $800; office rent, $800; utilities, $1,800 Aug. 31 The practice used dental supplies with a cost of $200. Aug. 31 The practice borrowed $19,000, signing a note payable to the bank. Aug. 31 The practice paid $700 on account. Gagnon invested $36,000 in the business, which in turn issued its common shares to him. Record the transaction. (Record debits first, then credits. Enter explanations on the last line.) Date Accounts and Explanations Debit Credit Aug. 6 The business paid cash for land costing $30,000. Gagnon plans to build a professional services building on the land. Record the transaction. Date Accounts and Explanations Debit Credit Aug. 9 The business purchased dental supplies for $2,100 on account. Record the transaction. Date Accounts and Explanations Debit Credit David Gagnon Dental Clinic Ltd. officially opened for business. The event is not a transaction of the business. No entry in the journal is required. For the next two entries, record the transactions as occurring on the last day of the month. During the rest of the month, Gagnon treated patients and earned service revenue of $2,700, receiving cash for half the revenue earned. Record the business's earnings. Date Accounts and Explanations Debit Credit Aug. 31 The practice paid cash expenses: employee salaries, $800; office rent, $800; utilities, $1,800. Record the payment of expenses. Date Accounts and Explanations Debit Credit Aug. 31