Record the transactions in the journal

Favata invested $139,000 in the business, which in turn issued its common stock to her. The business paid cash for land costing $61,000. Favata plans to build an office building on the land. The business purchased medical supplies for $2,000 on account. Dr. Ansley Favata, P.C., officially opened for business. 5-31 During the rest of the month, Favata treated patients and earned service revenue of $9,400, receiving cash for half the revenue earned. 5-31 The business paid cash expenses: employee salaries, $2,400; office rent, $600; utilities, $1,800. The business sold medical supplies to another physician for cost of $100 and received cash. The business borrowed $39,000, signing a note payable to the bank. The business paid $1,100 on account. Requirement an entry is not required, select "No entry required" on the first line of the table and leave all other fields blank.) Jul 6: Favata invested $139,000 in the business, which in turn issued its common stock to her. Jul 12: The business purchased medical supplies for $2,000 on account. Journal Entry Journal Entry Jul 31: The business sold supplies to another physician for cost of $100 and received cash. Journal Entry Jul 31: The business borrowed $39,000, signing a note payable to the bank. Journal Entry Jul 31: The business paid $1,100 on account