Hannah Lyle, MD, opened a medical practice. The business completed the following transactions:
Aug 1 Lyle invested $31,000 cash to start her medical practice. The business issued common stock to Lyle.
1 Purchased medical supplies on account totaling $9,200.
2 Paid monthly office rent of $3,000.
3 Recorded $10,000 revenue for service rendered to patients, received cash of $2,000, 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.