F1 - 43. 4 Journalizing transactions , posting journal entries to I- accounts , and Preparing atrial balance* Vernon Lung practices medicine under the business title Vernon Lung, M.D During July , the medical practice completed the following transactions " Jul . I Lung contributed IGE, OOD cash to the business in exchange for capital . 5 . Paid monthly rent on medical Equipment, $560. 9 . Paid $15,000 cash to purchase land to be used in operations . 10. Purchased office supplies on account , $1. 500 . 19. Borrowed $23, 000 from the bank for business use . Tung signed a note payable to the bank in the name of the business . 27 . Paid 51, 300 on account . 20 . The business received a bill for advertising in the daily newspaper to be paid in August , 5240. 31 . REVENUES earned during the month included $5, 500 cash and $5, 8:00 on account . $1 . Paid employees" salaries 52, 500 , office rent $1, 000 , and utilities , $100. Record as a compound entry . 31 . The business received $1 , 140 for medical screening services to be performed next month . 31 . Yung withdrew cash of 57, 000 Cash Balance $69, 8.80