Received a contribution of $75,000 from Simpson and opened a bank account in the name of L. Simpson, MD. The corporation issued common stock to Simpson.

Jul. 9

Paid $50,000 cash for land.

Jul. 12

Purchased medical supplies for $2,400 on account.

Jul. 15

Officially opened for business.

Jul. 20

Paid cash expenses: employees' salaries, $1,000; office rent, $1,600; utilities, $350.

Jul. 31

Earned service revenue for the month, $8,000, receiving cash.

Jul. 31

Paid $1,860 on account