More info May 6 May 9 May 12 May 15 May 15-31 May 15-31 May 31 May 31 May 31 Gray invested $138,000 in the business, which in turn issued its common stock to her. The business paid cash for land costing $61,000. Gray plans to build an office building on the land. The business purchased medical supplies for $1,900 on account. Dr. Rebecca Gray, P.C., officially opened for business. During the rest of the month, Gray treated patients and earned service revenue of $8,600, receiving cash for half the revenue earned. The business paid cash expenses: employee salaries, $2,700; office rent, $800; utilities, $900. The business sold medical supplies to another physician for cost of $400 and received cash. The business borrowed $38,000, signing a note payable to the bank. The business paid $1,500 on account. Print Done - X Dr. Rebecca Gray opened a medical practice specializing in physical therapy. During the first month of operation (May), K the business, titled Dr. Rebecca Gray, Professional Corporation (P.C.), experienced the following events: (Click the icon to view the events.) Requirement 1. Record the transactions in the journal of Dr. Rebecca Gray, P.C. List the transactions by date and give an explanation for each transaction. (Record debits first, then credits. Select explanations on the last line of the journal entry table. If an entry is not required, select "No entry required" on the first line of the table and leave all other fields blank.) Common Stock 138,000 Issued stock to owner. May 9: The business paid cash for land costing $61,000. Gray plans to build an office building on the land. Journal Entry Date Accounts and Explanations May 9 Cash Land Issued stock to owner. Debit Credit 61000 61000