Iris Baer, MD, opened a medical practice. The business completed the following transactions: After these transactions, how
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Iris Baer, MD, opened a medical practice. The business completed the following transactions:
After these transactions, how much cash does the business have to work with? Use a T-account to show your answer.
Transcribed Image Text:
July 1 2 36 Baer invested $26,000 cash to start her medical practice. The business issued common stock to Baer. Purchased medical supplies on account totaling $8,500. Paid monthly office rent of $5,500. Recorded $8,500 revenue (in cash) for service rendered to patients.
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