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:

Assets Liablilties+ Equity Contributed Captal + Retained Earnings Cash Medical Land Supplies Accounts Common Dividends Service-Saies Rent Utilities Payable Stock Revenue Expense Expense Expense