1. Dr. Sharp invested (transferred into the corporation) the following assets: $15,000 in cash, $1,200 worth of supplies, and medical equipment that cost $8,900, receiving stock in the corporation.
2. Dr. Sharp buys $500 medical supplies on account. The practice will pay for them within 30 days of the purchase.
3. In payment for his services, Dr. Sharp accepts $600 cash and will bill his patients $250 on account.
4. At the beginning of the month, Dr. Sharp rents his office space for $1000.
5. His lease agreement requires him to pay his own utilities. They are estimated to be $90 this month.
6. Dr. Sharp is required to carry malpractice insurance, which is paid at the beginning of each year. The policy costs $3,600 and was paid in full.
7. To keep current on medical advances, Dr. Sharp frequently attends medical seminars. These seminars can cost as much as $10,000 each year.