Question

Caren Smith opened a medical practice. During July, the first month of operation, the business, titled Caren Smith, M. D., experienced the following events:
July 6 Smith contributed $ 55,000 in the business by opening a bank account in the name of C. Smith, M. D. The corporation issued common stock to Smith.
9 Paid $ 46,000 cash for land.
12 Purchased medical supplies for $ 1,800 on account.
15 Officially opened for business.
20 Paid cash expenses: employees’ salaries, $ 1,600; office rent, $ 900; utilities, $ 100.
31 Earned service revenue for the month, $ 8,000, receiving cash.
31 Paid $ 1,100 on account.
Analyze the effects of these events on the accounting equation of the medical practice of Caren Smith, M. D., using the followingformat:


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  • CreatedJanuary 16, 2015
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