E2-16 (Learning Objective 1: Transaction analysis; accounting equation) Randolph Noble opened a medical practice specializing in surgery. During the first month of operation (August), the business, titled Randolph Noble, Professional Corporation (P.C.), experienced the following events: I Required 1. Analyze the effects of these events on the accounting equation of the medical practice of Randolph Noble, P.C. Use a format similar to that of Exhibit 2-1, Panel B, with headings for Cash, Accounts Receivable, Medical Supplies, Land, Accounts Payable, Note Payable, Common Stock, and Retained Earnings. (pp. 57-62) 2. After completing the analysis, answer these questions about the business. a. How much are total assets? (p. 61-62) b. How much does the business expect to collect from patients? (p. 61-62) c. How much does the business owe in total? (p. 61-62) d. How much of the business's assets does Noble really own? e. How much net income or net loss did the business experience during its first month of operations? (p. 63-64) E2-16 (Learning Objective 1: Transaction analysis; accounting equation) Randolph Noble opened a medical practice specializing in surgery. During the first month of operation (August), the business, titled Randolph Noble, Professional Corporation (P.C.), experienced the following events: I Required 1. Analyze the effects of these events on the accounting equation of the medical practice of Randolph Noble, P.C. Use a format similar to that of Exhibit 2-1, Panel B, with headings for Cash, Accounts Receivable, Medical Supplies, Land, Accounts Payable, Note Payable, Common Stock, and Retained Earnings. (pp. 57-62) 2. After completing the analysis, answer these questions about the business. a. How much are total assets? (p. 61-62) b. How much does the business expect to collect from patients? (p. 61-62) c. How much does the business owe in total? (p. 61-62) d. How much of the business's assets does Noble really own? e. How much net income or net loss did the business experience during its first month of operations? (p. 63-64)