opened a medical practice specializing in physical therapy. During the first month of operation

(December),

the business, titled

Dr. Helen Samoa,

Professional Corporation (P.C.), experienced the following events:

More info

Dec 6		Samoa invested $150,000 in the business, which in turn issued its common stock to her.
Dec 9		The business paid cash for land costing $64,000. Samoa plans to build an office building on the land.
Dec 12		The business purchased medical supplies for $2,400 on account.
Dec 15		Dr. Helen Samoa, P.C., officially opened for business.
Dec 15-31		During the rest of the month, Samoa treated patients and earned service revenue of $9,800, receiving cash for half the revenue earned.
Dec 15-31		The business paid cash expenses: employee salaries, $3,600; office rent, $900; utilities, $400.
Dec 31		The business sold medical supplies to another physician for cost of $1,000 and received cash.
Dec 31		The business borrowed $34,000, signing a note payable to the bank.
Dec 31		The business paid $1,300 on account.

Question content area bottom

Part 1

Dec

6:

Samoa

invested

$150,000

in the business, which in turn issued its common stock to her.

Journal Entry
Date		Accounts and Explanations	Debit	Credit
Dec