1Bob 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:

Aug6

Morin invested $39,000 in the business, which in turn issued its common stock to him.

Aug 9

The business paid cash for land costing $29,000. Morin plans to build an office building on the land.

Aug 12

The business purchased medical supplies for $1,700 on account.

Aug 15

Bob Morin, P.C., officially opened for business.

Aug 1531

During the rest of the month, Morin treated patients and earned service revenue of $7,600, receiving cash for half the revenue earned.