Question

1.Journalize each transaction of Sara Litton,M.D.

Sara Litton practices medicine under the business title Sara Litton, M.D., Professional orporation (P.C). During May, her medical practice engaged in the following transactions: May 1 Litton deposited $16,000 cash in the business bank account. The business issued common stock to Litton. Paid monthly rent on medical equipment, $700. 9 5 Paid $5,000 cash and signed a $25,000 note payable to purchase land for an office site. 10 Purchased supplies on account, $1,200. 19 Paid $1,000 on account. 22 Borrowed $10,000 from the bank for business use. Litton signed a note payable to 30 30 the bank in the name of the business. Revenues earned during the month included $6,000 cash and $5,000 on account. Paid employees' salaries ($2,400), office rent ($1,500), and utilities ($400)

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