Refer to Exercises 2-30B and 2-31B.

Requirements

1. Post the entries to the ledger, using T-accounts. Key transactions by date. Determine the ending balance in each account.

2. Prepare the trial balance of Dr. Char Morin, P.C., at July 31, 2018.

3. From the trial balance, determine total assets, total liabilities, and total stockholders’ equity on July 31.

Exercises 2-30B and 2-31B

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