Suzuka Ito opened a massage practice titled Suzuka Ito Health, Inc. During March, the first month of operations, the business experienced the following events:
Mar 2 Ito bought $65,000 of stock in the business by opening a bank account in the name of Suzuka Ito Health, Inc.
6 The business paid $55,000 cash for land with the intention of building an office building on the land.
11 The business purchased supplies for $1,000 on account.
15 The business officially opened for business.
17 The business treated patients and earned service revenue of $7,000, receiving cash.
19 The business paid office rent, $1,800.
22 The business sold supplies to another massage therapist for the cost of those supplies, $250.
30 The business paid $500 on account related to the March 11 purchase.
Analyze the effects of these events on the accounting equation of the massage practice of Suzuka Ito Health, Inc. Use headings for Cash, Clinic Supplies, Land, Accounts Payable, Common Shares, Service Revenue, and Rent Expense.