Ashley Simpson opened a medical practice. During July, the first month of operation, the business, titled Ashley Simpson, M.D. experienced the following events: Click the icon to view the transactions.) Analyze the effects of these events on the accounting equation of the medical practice of Ashley Simpson, M.D. Analyze the events chronologically, one transaction at a time. Beginning with the transaction on the 9th, calculate the balance in each account after analyzing the effect of the transaction on the accounting equation. (Complete only the necessary answer boxes for your transaction lines. [Do not enter any zeros for your transaction lines.] Carry down all balances to the "Bal." line, including zero balance accounts, entering a "0" for any zero balances. Enter a decrease in an account with a minus sign or parentheses. Abbreviations used: A/P = Accounts Payable; Cap. = Simpson, Capital: Exp. = Expense; Liab. = Liabilities; Med. = Medical; Rev. = Revenue; Sal. = Salaries; Sup. = Supplies: Withdr. = Simpson, Withdrawals.) Assets Liab. + Equity Service Sal. Cash + Med. + Land A/P + . . Withdr. Rent Utilities Sup Rev. Exp Exp. Exp. 7/6 + + + + Ffects of these events on the accounting equation of the medical practice of Ashley Simpson, M.D. ents chronologically, one transaction at a time. Beginning with the transaction on the 9th, calculate the bala nalyzing the effect of the transaction on the accounting equation. (Complete only the necessary answer bc S. [Do not enter any zeros for your transaction lines.] Carry down all balances to the "Bal." line, including z ing a "0" for any zero balances. Enter a decrease in an account with a minus sign or parentheses. Abbrev Jable; Cap. = Simpson, Capital; Exp. = Expense; Liab. = Liabilities; Med. = Medical; Rev. = Revenue; Sal. dr. = Simpson, Withdrawals.) A More Info July 6 Simpson contributed $65,000 in the business by opening a bank account in the name of A. Simpson, M.D. The business gave capital to Simpson 9 Paid $42,000 cash for land. 12 Purchased medical supplies for $1,600 on account. 15 Officially opened for business. 20 Paid cash expenses: employees' salaries, $1,100; office rent, $1,500; utilities, $250. 31 Earned service revenue for the month, $13,000, receiving cash. 31 Paid $850 on account. Print Done