Dr$.$ Sue SmithSue Smith opened a medical practice specializing in physical therapy. During the first month of operation $($MarchMarch$),$ the business, titled Dr$.$ Sue SmithSue Smith$,$ Professional Corporation$($P$.$C$.),$ experienced the following events: Mar$6-$ SmithSmith invested $$153,000$ in the business, which in turn issued its common stock to her.

MarMar$9-$The business paid cash for land costing $$58,000.$ SmithSmith plans to build an office building on the land.

MarMar$12-$The business purchased medical supplies for $$2,200$ on account.

MarMar$15-$Dr$.$ Sue SmithSue Smith$,$P$.$C$.,$ officially opened for business.

MarMar$15-31-$During the rest of the month, SmithSmith treated patients and earned service revenue of $ $$9,800,$ receiving cash for half the revenue earned.

MarMar$15-31-$The business paid cash expenses: employee salaries,$$2,800$; office rent, $$1,700$; utilities$,$ $$1,200.$

$($Record the cash amount as a total and identify and record any other amounts separately.$)$

MarMar$31-$The business sold supplies to another physician for cost of $ $500$ and received cash.

MarMar$31-$The business borrowed $$30,000,$ signing a note payable to the bank.

MarMar$31-$The business paid $ $700$ on account. 

Analyze the effects of these events on the accounting equation of the medical practice of Dr$.$ Sue SmithSue Smith$,$ P$.$C$.$

Begin with the first transaction on MarchMarch $6.$

$($Use parentheses or a minus sign when decreasing accounts. If an input field is not used in the table leave the field empty; do not enter a zero. Enter the transactions in the same order as they appear in the original list.$)$

 

1. Record the transactions in the journal of Dr. Sue Smith, P.C. List the transactions by date and give an explanation for each transaction.