Refer to Exercise 2-30B.

Requirement

1. Record the transactions in the journal of Dr. Char Morin, P.C. List the transactions by date and give an explanation for each transaction.

Exercise 2-30B

Dr. Char Morin opened a medical practice specializing in surgery. During the first month of operation (July), the business, titled Dr. Char Morin, Professional Corporation (P.C.), experienced the following events:

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Jul 6. Morin invested $155,000 in the business, which in turn issued its common stock to her. The business paid cash for land costing $62,000. Morin plans to build an office building on the land. The business purchased medical supplies for $1,500 on account. Dr. Char Morin, P.C., officially opened for business. During the rest of the month, Morin treated patients and earned service revenue of $9,100, receiving cash for half the revenue earned. The business paid cash expenses: employee salaries, $3,300; office rent, $1,400; utilities, $400. The business sold medical supplies to another physician for cost of $500 and received cash. 9 12 15 15-31 15-31 31 The business borrowed $33,000, signing a note payable to the bank. The business paid $600 on account. 31 31