+ Dr. Amanda Favata opened a medical practice specializing in physical therapy. During the first month of operation (July), the business, titled Dr. Amanda Favata, Professional Corporation (P.C.), experienced the following events: (Click the icon to view the events.) Requirement 1. Record the transactions in the journal of Dr. Amanda Favata, P.C. List the transactions by date and give an explanation for each transaction. (Record debits first, then credits. Select explanations on the last line of the journal entry table. If an entry is not required, select "No entry required" on the first line of the table and leave all other fields blank.) Jul 6: Favata invested $140,000 in the business, whan in turn issued its common stock to her. Date Jul Journal Entry Accounts and Explanations Debit Credit More info Jul 6 Favata invested $140,000 in the business, which in turn issued its common stock to her. Jul 9 The business paid cash for land costing $57,000. Favata plans to build an office building on the land. Info Jul 12 Jul 15 Jul 15-31 Jul 15-31 Jul 31 The business purchased medical supplies for $2,300 on account. Dr. Amanda Favata, P.C., officially opened for business. During the rest of the month, Favata treated patients and earned service revenue of $9,100, receiving cash for half the revenue earned. The business paid cash expenses: employee salaries, $2,400; office rent, $700; utilities, $1,700. The business sold medical supplies to another physician for cost of $500 and received cash. Print Done - X More info Jul 9 Jul 12 Jul 15 Jul 15-31 Jul 15-31 Jul 31 Jul 31 Jul 31 The business paid cash for land costing $57,000. Favata plans to build an office building on the land. The business purchased medical supplies for $2,300 on account. Dr. Amanda Favata, P.C., officially opened for business. During the rest of the month, Favata treated patients and earned service revenue of $9,100, receiving cash for half the revenue earned. The business paid cash expenses: employee salaries, $2,400; office rent, $700; utilities, $1,700. The business sold medical supplies to another physician for cost of $500 and received cash. The business borrowed $37,000, signing a note payable to the bank. The business paid $600 on account. Print Done