Question
May 6 Cohen invested $136,000 in the business, which in turn issued its common stock to her. May 9 The business paid cash for land
May 6 Cohen invested $136,000 in the business, which in turn issued its common stock to her. May 9 The business paid cash for land costing $66,000. Cohen plans to build an office building on the land. May 12 The business purchased medical supplies for $1,800 on account. May15 Dr. Ava Cohen, P.C., officially opened for business. May15-31 During the rest of the month, Cohen treated patients and earned service revenue of $9,100, receiving cash for half the revenue earned. May15-31 The business paid cash expenses: employee salaries, $3,200; office rent, $1,200; utilities, $1,600. May 31 The business sold medical supplies to another physician for cost of $100 and received cash. May 31 The business borrowed $36,000, signing a note payable to the bank. May 31 The business paid $1,500 on account. Post the entries to the ledger, using T-accounts
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