Question

Dora Patel, MD, opened a medical practice. The business completed the following transactions:
July 1 Patel invested $60,000 cash to start her medical practice. The business issued common stock to Patel.
1 Purchased medical supplies on account totaling $12,000.
2 Paid monthly office rent of $4,700.
3 Recorded $10,300 revenue for service rendered to patients, received cash of $4,200, and sent bills to patients for the remainder.
After these transactions, how much cash does the business have to work with? Use a T-account to show your answer.



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  • CreatedJuly 25, 2014
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