Caren Smith opened a medical practice. During July, the first month of operation

Question

Caren Smith opened a medical practice. During July, the first month of operation, the business, titled Caren Smith, M.D., P.C. (Professional Corporation), experienced the following events: Jul 6. Smith invested $55,000 in the business by opening a bank account in the name of C. Smith, M.D., P.C. The corporation issued common stock to Smith. 9. Paid $46,000 cash for land. 12. Purchased medical supplies for $1,800 on account. 15. Officially opened for business. 15-31. During the rest of the month, Smith treated patients and earned service revenue of $8,000, receiving cash. 29. Paid cash expenses: employees

Explanation / Answer

Purchases 1800 Income 8000 Returns Less 700 1100 -------------- Salaries 1600 Rent 900 Utilities 100 Income 4300 ------------------------ ---------------- Total 8000 Total 8000 ------------------------ ----------------- Investment 55000 Land 46000 Income 4300 Cash 13300 -------------------- --------------------------- Total 59300 Total 59300 ----------------------- ---------------------------

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