Bob Morin opened a medical practice specializing in surgery. During the first month of operation (August), the business, titled Bob Morin, Professional Corporation (P.C.), experienced the following events: Aug 6 Morin invested $39,000 in the business, which in turn issued its common stock to him. 9 The business paid cash for land costing $29,000. Morin plans to build an office building on the land. 12 The business purchased medical supplies for $1,700 on account. 15 Bob Morin, P.C., officially opened for business. 15–31 During the rest of the month, Morin 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, $1,300; office rent, $700; utilities, $500. 31 The business sold supplies to another physician for cost of $700. 31 The business borrowed $12,000, signing a note payable to the bank. 31 The business paid $800 on account.
1. Record the transactions in the journal of Bob Morin, P.C. List the transactions by date and give an explanation for each transaction.
Need Answer ASAP.