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What is a general ledger and how is it helpful in accounting

What about the impact of debits and credits to revenue and expense accounts

Class - Please attempt this exercise and see what you come up with. Please do not attach a file with your response, instead write or copy and paste your answer into the threads. Thanks.

Paul

E2-16A

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.

▸Requirements

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?

Everyone - Please attempt this exercise and see what you come up with. Please do not attach a file with your response, instead write or copy and paste your answer into the threads. Thanks.

E2-15A

The following selected events were experienced by either Fact Finders, Inc., a corporation, or Peter Flip, the major stockholder. State whether each event (1) increased, (2) decreased, or (3) had no effect on the total assets of the business. Identify any specific asset affected.

a. Received $8,500 cash from customers on account.
b. Flip used personal funds to purchase a flat screen TV for his home.
c. Sold land and received cash of $71,000 (the land was carried on the company’s books at $71,000).
d. Borrowed $56,000 from the bank.
e. Made cash purchase of land for a building site, $93,000.
f. Received $22,000 cash and issued stock to a stockholder.
g. Paid $68,000 cash on accounts payable.
h. Purchased equipment and signed a $104,000 promissory note in payment.
i. Purchased merchandise inventory on account for $16,500.
j. The business paid Flip a cash dividend of $7,000.