Refer to Exercise. Mar 6 Samson invested $42,000 in the business, which in turn issued its common stock to him. 9 The business paid cash for land costing $25,000. Samson plans to build an office building on the land. 12 The business purchased medical supplies for $16,000 on account. 15 Harry Samson, P.C., officially opened for business. 15–31 During the rest of the month, Samson treated patients and earned service revenue of $7,700, receiving cash for half the revenue earned. 15–31 The business paid cash expenses: employee salaries, $900; office rent, $900; utilities, $200. 31 The business sold supplies to another physician for cost of $200. 31 The business borrowed $18,000, signing a note payable to the bank. 31 The business paid $1,100 on account. Requirement 1. Record the transactions in the journal of Harry Samson, P.C. List the transactions by date and give an explanation for each transaction.
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