Jul. 1 Jul. 5 Jul. 9 Jul. 10 Jul. 19 Jul. 22 Jul. 28 Jul. 31 Jul. 31 Jul. 31 Jul. 31 Young contributed $70,000 cash to the business in exchange for common stock. Paid monthly rent on medical equipment, $570. Paid $21,000 cash to purchase land to be used in operations. Purchased office supplies on account, $1,200. Borrowed $21,000 from the bank for business use. Paid $700 on account. The business received a bill for advertising in the daily newspaper to be paid in August, $310. Revenues earned during the month included $6,500 cash and $6,200 on account. Paid employees' salaries $2,900, office rent $800, and utilities $650. Record as a compound entry. The business received $1,000 for medical screening services to be performed next month. Paid cash dividends of $7,000.

Accounts The business uses the following accounts Cash; Accounts Receivable; Office Supplies; Land; Accounts Payable; Advertising Payable; Unearned Revenue, Notes Payable; Common Stock: Dividends; Service Revenue, Salaries Expense; Rent Expense; Utilities Expense; and Advertising Expense