JosephOhara opens a dental practice. During the first month of operation (March), thepractice, titled JosephOhara Dental ClinicLtd., experienced the following events.

March

6

Ohara invested $50,000 in thebusiness, which in turn issued its common shares to him.

9

The business paid cash for land costing $30,000. Ohara plans to build a professional services building on the land.

12

The business purchased dental supplies for $3,000 on account.

15

JosephOhara Dental Clinic Ltd. officially opened for business.

15-31

During the rest of themonth, Ohara treated patients and earned service revenue of $10,000, receiving cash for half the revenue earned.

15-31

The practice paid cashexpenses: employeesalaries, $1,400; officerent, $1,000; utilities, $300.

31

The practice used dental supplies with a cost of $250.

31

The practice borrowed $10,000, signing a note payable to the bank.

31

The practice paid $2,000 on account to a supplier.