1.Journalize each transaction of Sara Litton,M.D.
Sara Litton practices medicine under the business title Sara Litton, M.D., Professional orporation (P.C). During May, her medical practice engaged in the following transactions: May 1 Litton deposited $16,000 cash in the business bank account. The business issued common stock to Litton. Paid monthly rent on medical equipment, $700. 9 5 Paid $5,000 cash and signed a $25,000 note payable to purchase land for an office site. 10 Purchased supplies on account, $1,200. 19 Paid $1,000 on account. 22 Borrowed $10,000 from the bank for business use. Litton signed a note payable to 30 30 the bank in the name of the business. Revenues earned during the month included $6,000 cash and $5,000 on account. Paid employees' salaries ($2,400), office rent ($1,500), and utilities ($400)