Kira Satterly opened a medical practice. During July, the first month of operation, the business, titled...

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Kira Satterly opened a medical practice. During July, the first month of operation, the business, titled Kira Satterly, MD, experienced the following events: Analyze the effects of these events on the accounting equation of the medical practice of Kira Satterly, MD. Analyze the events chronologically, one transaction at a time, beginning with the transaction on the 6th. For each transaction that follows the transaction on the 6th, calculate the balance in each account after analyzing its effect on the accounting equation. Assets Liab. Equity O More Info - X Contr. Capital + Retained Earnings + Service - Sal. Cash Med. Land A/P Com. Div Rent - Utilities + Jul. 6 Received a contribution of $60,000 from Satterly and opened a bank account in the name of K. Satterly, MD. The corporation issued common stock to Satterly. 9 Paid $50,000 cash for land. 12 Purchased medical supplies for $1,700 on account. Sup. Exp. Exp. Stock Rev. Exp. 7/6 + + 15 Officially opened for business. 20 Paid cash expenses: employees' salaries, $1,000; office rent, $1,400; utilities, $450. 31 Earned service revenue for the month, $10,000, receiving cash. 31 Paid $800 on account. Print Done Kira Satterly opened a medical practice. During July, the first month of operation, the business, titled Kira Satterly, MD, experienced the following events: Analyze the effects of these events on the accounting equation of the medical practice of Kira Satterly, MD. Analyze the events chronologically, one transaction at a time, beginning with the transaction on the 6th. For each transaction that follows the transaction on the 6th, calculate the balance in each account after analyzing its effect on the accounting equation. Assets Liab. Equity O More Info - X Contr. Capital + Retained Earnings + Service - Sal. Cash Med. Land A/P Com. Div Rent - Utilities + Jul. 6 Received a contribution of $60,000 from Satterly and opened a bank account in the name of K. Satterly, MD. The corporation issued common stock to Satterly. 9 Paid $50,000 cash for land. 12 Purchased medical supplies for $1,700 on account. Sup. Exp. Exp. Stock Rev. Exp. 7/6 + + 15 Officially opened for business. 20 Paid cash expenses: employees' salaries, $1,000; office rent, $1,400; utilities, $450. 31 Earned service revenue for the month, $10,000, receiving cash. 31 Paid $800 on account. Print Done

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Solution Cash Medical Supplies Land Accounts Payable Common Stoc... View the full answer