Showtime Amusements owns movie theaters. Showtime engaged in the following business transactions:

Showtime Amusements uses the following accounts: Cash; Supplies; Building; Accounts Payable; Notes Payable; Darrel Paluskỵ, Capital; Darrel Palusky, Withdrawals; Service Revenue; Salary Expense; Rent Expense; Property Tax Expense.

Requirement 

Journalize each transaction of Showtime Amusements as shown for July 1. Explanations are not required.

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July 1 Darrell Palusky invested $350,000 personal cash in the business by depositing that amount in a bank account titled Showtime Amusements. The business gave Palusky owner's equity in the company. 2 Paid $300,000 cash to purchase a theater building. 5 Borrowed $220,000 from the bank. Palusky signed a note payable to the bank in the name of Showtime Amusements. 10 Purchased theater supplies on account, $1,700. 15 Paid $800 on account. 15 Paid property tax expense on theater building, $1,200. 16 Paid employee salaries, $2,800, and rent on equipment, $1,800. Make a single compound entry. 28 Withdrew $6,000 from the business for personal use. 31 Received $20,000 cash from service revenue and deposited that amount in the bank.