Jul. 1 Jul. 5 York contributed $63,000 cash to the business in exchange for capital. Paid monthly rent on medical equipment, $510. Jul. 9 Paid $23,000 cash to purchase land to be used in operations. Jul. 10 Purchased office supplies on account, $1,600. Jul. 19 Borrowed $22,000 from the bank for business use. Jul. 22 Paid $1,100 on account. Jul. 28 Jul. 31 Jul. 31 The business received a bill for advertising in the daily newspaper to be paid in August, $240. Revenues earned during the month included $6,400 cash and $6,000 on account. Paid employees' salaries $2,200, office rent $1,900, and utilities $560. Record as a compound entry. Jul. 31 The business received $1,120 for medical screening services to be performed next month. Jul. 31 York withdrew cash of $7,200. Requirement 2. Post the journal entries to the T-accounts, using transaction dates as posting references in the ledger accounts. Label the balance of each account Bal. We will post to the accounts one transaction at a time. Begin by posting the events from the 1st. July 1: York contributed $63,000 cash to the business in exchange for capital. (We will post to the accounts one transaction at a time. Post only the transaction from July 1 in this step.) Review the July 1 journal entry that you prepared in Requirement 1. Cash Accounts Payable Service Revenue Advertising Payable Salaries Expense Accounts Receivable Unearned Revenue Rent Expense Office Supplies Notes Payable Utilities Expense Land York, Capital Advertising Expense York, Withdrawals