Refer to Short Exercise. Aug 1 Lyle invested $31,000 cash to start her medical practice. The business

Question:

Refer to Short Exercise.

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.

Which of the transactions of Hannah Lyle, MD, increased the total assets of the business? For each transaction, identify the asset that was increased.

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...