Refer to Exercise 2-16A.

Requirement
Record the transactions in the journal of Bob Morin, P.C. List the transactions by date and give an explanation for eachtransaction.

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Morin invested $39,000 in the business, which in turn issued its common stock to him. The business paid cash for land costing S29,000. Morin plans to build an office building on the land. The business purchased medical supplies for $1,700 on account. Bob Morin, Р.С., officially opened for business. During the rest of the month, Morin treated patients and earned service revenue of $7,600, receiving cash for half the revenue earned. The business paid cash expenses: employee salaries, $1,300; office rent, $700; utilities, $500. The business sold supplies to another physician for cost of $700. The business borrowed $12,000, signing a note payable to the bank. The business paid $800 on account. Aug 6 9 12 15 15-31 15-31 31 31 31