Question

Dr. Bernice Maglin opened a medical practice specializing in physical therapy. During the first month of operation (August), the business, Ited D. Bernice Magin, Professional Corporation (PG), cepetenced to following verte (Click the loon to view the events) Requirement Record the transactions in the journal of Dr. Berice Magin, PCLint the transactions by date and give an explanation for each transaction. (Record debts first, the credit Badeparations on the line of the journal arbrytblitan entry is not required, elect"No arby required on the first line of the table and leave all other cells blank) 1 Aug 6: Magin invested $140.000 in the business, which in tumissued its common stock to her Journal Entry Date Accounts and Explanations Debit Credit Aug Aug 9: The business paid cash for and costing $55.000. Magin plans to build an office building on the land Journal Entry Date Accounts and Explanations Debit Credit Aug Choose from any list or enter any number in the routes and then continue to the next question

Answer 1

Date	Accounts and Explanations	Debit	Credit
Aug 6	Cash	140,000
	Common Stock		140,000
Aug 9	Land	55,000
	Cash		55,000
Aug 12	Medical Supplies	1,900
	Accounts Payable		1,900
Aug 15	No Journal Entry
Aug 31	Cash	4,500
	Accounts Receivable	4,500
	Service Revenue		9,000
Aug 31	Rent Expense	600
	Salary Expense	3,100
	Utilities Expense	300
	Cash		4,000
Aug 31	Cash	200
	Medical Supplies		200
Aug 31	Cash	31,000
	Note Payable		31,000
Aug 31	Accounts Payable	1,500
	Cash		1,500