Requirement 1. Journalize each transaction. Explanations are not required. (Record debits first, then credits. Exclude explanations from journal entries.) July 1: Yarwood contributed $71,000 cash to the business in exchange for capital. Date Accounts Debit Credit Jul. 1 Jul. 1 Yarwood contributed $71,000 cash to the business in exchange for capital. Jul. 5 Paid monthly rent on medical equipment, $570. Jul. 9 Paid $21,000 cash to purchase land to be used in operations. Jul. 10 Purchased office supplies on account, $1,400. Jul. 19 Borrowed $26,000 from the bank for business use. Jul. 22 Paid $1,300 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 $6,800 cash and $5,700 on account. Jul. 31 Paid employees' salaries $2,100, office rent $1,500, and utilities $650. Record as a compound entry Jul. 31 The business received $1,190 for medical screening services to be performed next month. Jul. 31 Yarwood withdrew cash of $6,800. The business uses the following accounts: Cash; Accounts Receivable; Office Supplies; Land; Accounts Payable; Advertising Payable; Unearned Revenue; Notes Payable; Yarwood, Capital; Yarwood, Withdrawals; Service Revenue; Salaries Expense; Rent Expense; Utilities Expense; and Advertising Expense. 1. Journalize each transaction. Explanations are not required. 2. Post the journal entries to the T-accounts, using transaction dates as posting references in the ledger accounts. Label the balance of each account Bal. 3. Prepare the trial balance of Vito Yarwood, M.D., as of July 31, 2024