Allison LaChappelle opens a medical practice to specialize in child care. During the fi Allison Lachappelle M. D., experience the following events:

 January 6, Lachappell invested $10000 in the business by opening a bank account in the name of Alison Lachappell, M. D. 

January9, Lachappell paid cash for land costing $65000 she plans to build an office building on the land.

 January 12, she purchased medical supplies for $2000 on account. January 15, Lachappelle officially opened for business.

January 15-31, during the rest of the month she treated patients and earned service revenue of $8000 receiving cash.

 Januaary15-31, she paid cash expenses employee salaries $1400, office rent $1000, utilities $100. January

28, she sold supplies to another physician for cost of $500. January 31, she paid $1500 on account.

 

Required,

Analyze the effects of the event on the accounting equation of the medical practice of Allison LaChappell, M.D. with headings for cash, medical supplies, land, account payable and Allison LaChappelle capital

Answer rating: 100% (QA)

The accounting equation formula is Assets Liabilities Equity Capital 10000 cash 10000 c... View the full answer