Opened medical practice specializing in surgery

Assignment Help Financial Accounting

Reference no: EM131221792

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.

Reference no: EM131221792

Questions Cloud

Construct the appropriate control chart : a) Construct the appropriate control chart from the above data using a 3-standard deviation limit.

What pressures motivated miller to embezzle : How does Miller fit the profile of the average fraud perpetrator? How does he differ? How did these characteristics make him difficult to detect? What pressures motivated Miller to embezzle? How did Miller rationalize his actions? Miller had a framed..

Important topic for the organization : Question 1: Why is performance management such an important topic for the organization? How can performance management benefit organizations?

How does its mistake affect the interest rates : If the central bank follows the Taylor rule, how does its mistake affect the interest rates it sets and the behavior of output and inflation?

Opened medical practice specializing in surgery : 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..

What problems does it potentially cause for the patient : What problems does it potentially cause for the patient? The family? The physician? Who has the ultimate authority? How do differences get resolved?

Construct a decision tree from the given data : The data have been generalized. For example, "31 ... 35" for age represents the age range of 31 to 35. For a given row entry, count represents the number of data tuples having the values for department, status, age, and salary given in that row.

Does the economy still return to equilibrium : Suppose the inflation coefficient aπ is positive but the output coefficient ay is zero. Does the economy still return to equilibrium with 0 and π - πT after a shock? Explain.

Determine the decision variables-constraints and objectives : AirPlains Airline is a new airline company that maintains a schedule of two daily flights each way between Salt Lake City, Denver, and Chicago. AirPlains Airline must strategically position itself as a low-cost provider in a volatile industry. you wi..

User Account

All Pages