Jul. 1 Yarwood contributed $68,000 cash to the business in exchange for capital.5 Paid monthly rent on medical equipment, $550.9 Paid $17,000 cash to purchase land to be used in operations.10 Purchased office supplies on account, $1800.19 Borrowed $24,000 from the bank for business use.22 Paid $1700 on account.28 The business received a bill for advertising in the daily newspaper to be paid in August, $29031 Revenues earned during the month included $6,000 cash and $5,500 on account31 Paid employees’ salaries $2,000, office rent $1,000, and utilities $550. Record as a compound entry31 The business received $1,260 for medical screening services to be performed next month31 Yarwood 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.Requirements1. 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.