1- Let’s start with Exercise 2-16A. Select one of the nine financial transactions of the medical practice of Bob Morin, P.C. Develop a journal entry with date and explanation. Post it in this discussion and then conduct peer reviews of your classmates. The next requirement is to select one of the five questions (a-e) and post an answer. Do show your computations.
2- Let’s start with Exercise 2-16A on page 97 . Select one of the nine financial transactions of
the medical practice of Bob Morin, P.C. Develop a journal entry with date and explanation.
I look forward to your attempts.
(Learning Objective 3: Show the impact of business transactions on the accounting equation) Bob Morin opened a medical practice specializing in surgery. During the first month of operation (August), the business, titled Bob Morin, Professional Corporation (P.C.), experienced the following events:
Aug 6 Morin invested $39,000 in the business, which in turn issued its
common stock to him.
9 The business paid cash for land costing $29,000. Morin plans to build
an office building on the land.
12 The business purchased medical supplies for $1,700 on account.
15 Bob Morin, P.C., officially opened for business.
15–31 During the rest of the month, Morin treated patients and earned service
revenue of $7,600, receiving cash for half the revenue earned.
15–31 The business paid cash expenses: employee salaries, $1,300; office rent,
$700; utilities, $500.
31 The business sold supplies to another physician for cost of $700.
31 The business borrowed $12,000, signing a note payable to the bank.
31 The business paid $800 on account.
1. Analyze the effects of these events on the accounting equation of the medical practice of Bob Morin, P.C.
2. After completing the analysis, answer these questions about the business.
a. How much are total assets?
b. How much does the business expect to collect from patients?
c. How much does the business owe in total?
d. How much of the business’s assets does Morin really own?
e. How much net income or net loss did the business experience during its first month of operations?
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