Vincent Yasmin practices medicine under the business title, Vincent Yasmin, M.D. During July, the medical practice completed the following transactions:

Date Transaction Description July 1 Yasmin contributed $69,000 cash to the business in exchange for capital.

July 5 Paid monthly rent on medical equipment, $540

July 9 Paid $23,000 cash to purchase land to be used in operations.

July 10 Purchased office supplies on account, $1,100

July 19 Borrowed $31,000 from the bank for business use.

July 22 Paid $800 on account. July 28 The business received a bill for advertising in the daily newspaper, to be paid in August, $240.

July 31 Revenues earned during the month included $6,100 cash and $6,300 on account.

July 31 Paid employees salaried - $3,000; office rent - $1,300; and utilities - $600; Record as a compound entry.

July 31 The business received $1,280 for medical screening services to be performed next month.

July 31 Yasmin withdrew cash of $6,500.