Dr.ElyseBurnhart opened a medical practice specializing in physical therapy. During the first month of operation (July), thebusiness, titled Dr.ElyseBurnhart, Professional Corporation(P.C.), experienced the followingevents:

July 6 Burnhart invested $144,000 in thebusiness, which in turn issued its common stock to her.

9 The business paid cash for land costing $58,000. Burnhart plans to build an office building on the land.

12 The business purchased medical supplies for $2,400 on account.

15 Dr.ElyseBurnhart, P.C., officially opened for business.

15-31 During the rest of themonth, Burnhart treated patients and earned service revenue of $8,900, receiving cash for half the revenue earned.

15- 31The business paid cashexpenses: employeesalaries, $2,900; officerent, $1,200; utilities, $300.

31 The business sold supplies to another physician for cost of $400.

31 The business borrowed $32,000, signing a note payable to the bank.

31The business paid $1,000 on account.

Requirement

1.

Record the transactions in the journal of Dr.ElyseBurnhart, P.C.

List the transactions by date and give an explanation for each transaction.

(Record debitsfirst, then credits. Select explanations on the last line of the journal entry table.

If an entry is notrequired, select"No entryrequired" on the first line of thetable.)