Aug 6 Aug 9 Aug 12 Aug 15 Aug 15-31 Aug 15-31 Aug 31 Aug 31 Aug 31 Favata invested $138,000 in the business, which in turn issued its common stock to her. The business paid cash for land costing $62,000. Favata plans to build an office building on the land. The business purchased medical supplies for $1,800 on account. Dr. Amanda Favata, P.C., officially opened for business. During the rest of the month, Favata treated patients and earned service revenue of $8,800, receiving cash for half the revenue earned. The business paid cash expenses: employee salaries, $3,000; office rent, $1,100; utilities, $1,600. The business sold medical supplies to another physician for cost of $700 and received cash. The business borrowed $30,000, signing a note payable to the bank. The business paid $1.000 on account.

Aug 6 Aug 9 Aug 12 Aug 15 Aug 15-31 Aug 15-31 Aug 31 Aug 31 Aug 31 Favata invested $138,000 in the business, which in turn issued its common stock to her. The business paid cash for land costing $62,000. Favata plans to build an office building on the land. The business purchased medical supplies for $1,800 on account. Dr. Amanda Favata, P.C., officially opened for business. During the rest of the month, Favata treated patients and earned service revenue of $8,800, receiving cash for half the revenue earned. The business paid cash expenses: employee salaries, $3,000; office rent, $1,100; utilities, $1,600. The business sold medical supplies to another physician for cost of $700 and received cash. The business borrowed $30,000, signing a note payable to the bank. The business paid $1.000 on account.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
help please answer in text form with proper workings and explanation for each and every part and steps with concept and introduction no AI no copy paste remember answer must be in proper format with all working
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