S2-6. (Learning Objectives 2, 3: Understanding how accounting works; journalizing transactions) After operating for several months, architect Gwen Markum completed the following transactions during the latter part of July:

Journalize the transactions of Gwen Markum. Include an explanation with each journal entry.

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Jul 15 Borrowed $35,000 from the bank, signing a note payable. 22 28 Performed service for clients on account totaling $9,200. Received $6,300 cash on account from clients. Received a utility bill of $500, an account payable that will be paid during August. 31 Paid monthly salary of $3,200 to employee.