Sherene Lynch opened a medical practice titled Sherene Lynch M.D., Inc.

During January, the first month of operations, the business experienced the following events:

Requirement 1. Analyze the effects of these events on the accounting equation of the med¬ ical practice of Sherene Lynch M.D., Inc. Use headings for Cash, Medical Supplies, Land, Accounts Payable, Common Stock, Service Revenue, and Rent Expense.

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Jan 2 Lynch bought $80,000 of stock in the business by opening a bank account in the name of Sherene Lynch M.D., Inc. 11 6 The business paid $30,000 cash for land with the intention of building an office building on the land. The business purchased medical supplies for $600 on account. 15 The business officially opened for business. 17 The business treated patients and earned service revenue of $13,000, receiving cash. 19 The business paid office rent, $1,100. 22 The business sold supplies to another doctor for the cost of those supplies, $400. 30 The business paid $150 on account related to the January 11 purchase.