Jul. 1 York contributed $63,000 cash to the business in exchange for common stock. Jul. 5 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 The business received a bill for advertising in the daily newspaper to be paid in August, $240. Jul. 31 Revenues earned during the month included $6,400 cash and $6,000 on account. Jul. 31 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 Paid cash dividends of $7,200. 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. 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 1 st. July 1: York contributed $63,000 cash to the business in exchange for Common Stock. (We will post to the accounts one transaction at a time. Post only the transaction from July 1 in this step.) Review the Julv 1 iournal entrv that vou prepared in Reauirement 1