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