July $1$: Yarwood contributed $$62,000$ cash to the business in exchange for Common Stock $($We will post to the accounts one transaction at a time. Post only the transaction from July $1$ in this step.$)$

Review the Julv $1$ iournal entry that vou prepared in Requirement$-11$

$\backslash$table$[[$Cash$,$Accounts Payable$]]$

Unearned Revenue $q,$

Rent Expense $$

Office Supplies $q,$

Notes Payable

Utilities Expense $$

Land

Common Stock

Advertising Expense

Jul. $1$ Yarwood contributed $$62,000$ cash to the business in exchange for common stock.

Jul. $5$ Paid monthly rent on medical equipment, $$610.$

Jul. $9$ Paid $$12,000$ cash to purchase land to be used in operations.

Jul. $10$ Purchased office supplies on account, $$1,000.$

Jul. $19$ Borrowed $$27,000$ from the bank for business use.

Jul. $22$ Paid $$600$ on account.

Jul. $28$ The business received a bill for advertising in the daily newspaper to be paid in August, $$220.$

Jul. $31$ Revenues earned during the month included $$7,100$ cash and $$5,600$ on account.

Jul. $31$ Paid employees' salaries $$2,000,$ office rent $$1,800,$ and utilities $$250.$ Record as a compound entry.

Jul. $31$ The business received $$1,050$ for medical screening services to be performed next month.

Jul. $31$ Paid cash dividends of $$7,500.$