In this graded discussion, we will be examining the operation of the Accounting Information System (AIS) with the use of problems and exercises from your textbook. The goal is to cover all of the requirements to ensure an opportunity for your successful completion of the Course Project. As you complete the requirements of Week 2, you should review the Course Project Overview in Course Home, as you could start work on the Project. The template for the Course Project is located in the Files section.

Let’s start with Exercise 2-16A. Select one of the nine financial transactions of the medical practice of Bob Morin, P.C. Develop a journal entry with date and explanation. Post it in this discussion and then conduct peer reviews of your classmates. The next requirement is to select one of the five questions (a-e) and post an answer. Do show your computations.

Course Project – Exercise 2-16A – Version 2

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:

1. Analyze the effects of these events on the accounting equation of the medical practice of Bob Morin.
2. After completing the analysis, answer these questions about the business.

How much are total assets?

How much does the business expect to collect from patients?

How much does the business owe in total?

How much of the business’s assets does Morin really own?

How much net income or net loss did the business experience during its first month of operations?