Refer to Exercise 2-16. Record the transactions in the journal of Randolph Noble, P.C. List the transactions by date and give an explanation for each transaction

In Exercise 2-16

Randolph Noble opened a medical practice specializing in surgery. During the first month of operation (August), the business, titled Randolph Noble, Professional Corporation (P.C.), experienced the following events:

August 6 Noble invested $50,000 in the business, which in turn issued its com- mon stock to him. 9 The business paid cash for land costing $30,000. Noble plans to build an office building on the land. The business purchased medical supplies for $2,000 on account. 12 15 Randolph Noble, P.C, officially opened for business. During the rest of the mont h, Noble treated patients and earned ser- vice revenue of $8,000, receiving cash for half the revenue earned. 15-31 15-31 The business paid cash expenses: employee salaries, $1,400 office rent, $1,000; utilities, $300. 31 The business sold supplies to another physician for the supplies' cost of $500 31 The business borrowed $10,000, signing a note payable to the bank 31 The business paid $1,000 on account