During July, the medical practice completed the following transactions: Jul. 1Yarwood contributed $68,000 cash to the business in exchange for capital. Jul 5Paid monthly rent on medical equipment, $550. Jul. 9Paid $17,000 cash to purchase land to be used in operations. Jul.10Purchased office supplies on account, $1,800.19Borrowed $24,000 from the bank for business use. Jul. 22Paid $1,700 on account.28The business received a bill for advertising in the daily newspaper to be paid in August, $290.31Revenues earned during the month included $6,000 cash and $5,500 on account. Jul. 31Paid employees’ salaries $2,000, office rent $1,000, and utilities $550. Record as a compound entry. Jul. 31The business received $1,260 for medical screening services to be performed next month. Jul. 31Yarwood withdrew cash of $7,400. The business uses the following accounts: Cash; Accounts Receivable; Office Supplies; Land; Accounts Payable; Advertising Payable; Unearned Revenue; Notes Payable; Yarwood, Capital; Yarwood, Withdrawals; Service Revenue; Salaries Expense; Rent Expense; Utilities Expense; and Advertising Expense. Requirements 1. Journalize each transaction. Explanations are not required.2. Post the journal entries to the T-accounts, using transaction dates as posting references in the ledger accounts. Label the balance of each account Bal.3. Prepare the trial balance of Vincent Yarwood, M.D., as of July 31, 2017.