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Vernon Yung practices medicine under the business title Vernon Yung, M.D., P.C. During July, the medical practice completed the following transactions: Jul 1 Yung deposited

Vernon Yung practices medicine under the business title Vernon Yung, M.D., P.C.
During July, the medical practice completed the following transactions:
Jul 1 Yung deposited $68,000 cash in the business bank account.
The business issued common stock to Yung.
5 Paid monthly rent on medical equipment, $560.
9 Paid $16,000 cash to purchase land for an office site.
10 Purchased supplies on account, $1,600.
19 Borrowed $23,000 from the bank for business use. Yung signed a note payable to the bank
in the name of the business.
22 Paid $1,300 on account.
31 Revenues earned during the month included $6,500 cash and $5,00 on account.
31 Paid employees salaries $2,500, office rent $1,100, and utilities $400.
Make a single compound entry.
31 Paid cash dividends of $7,000.
Prepare accounting equation

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