Refer to Exercise. Jul 6 Cohen invested $44,000 in the business, which in turn issued its common
Question:
Jul 6 Cohen invested $44,000 in the business, which in turn issued its common stock to him.
9 The business paid cash for land costing $31,000. Cohen plans to build an office building on the land.
12 The business purchased medical supplies for $1,700 on account.
15 Kyle Cohen, P.C., officially opened for business.
15-31 During the rest of the month, Cohen treated patients and earned service revenue of $7,600, receiving cash for half the revenue earned.
15-31 The business paid cash expenses: employee salaries, $800; office rent, $800; utilities, $300.
31 The business sold supplies to another physician for cost of $400.
31 The business borrowed $16,000, signing a note payable to the bank.
31 The business paid $700 on account.
Requirement
1. Record the transactions in the journal of Kyle Cohen, P.C. List the transactions by date and give an explanation for each transaction.
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...
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Related Book For
Financial accounting
ISBN: 978-0136108863
8th Edition
Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas
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