Question

In: Accounting

Dr. Laura Smith opened a medical practice specializing in physical therapy. During the first month of...

Dr.

Laura Smith

opened a medical practice specializing in physical therapy. During the first month of operation

(July),

the business, titled Dr.

Laura Smith,

Professional Corporation (P.C.), experienced the following events:

(Click the icon to view the events.) Read the requirements

Requirement 1. Analyze the effects of these events on the accounting equation of the medical practice of Dr.

Laura Smith,

P.C.Begin with the first transaction on

July

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

Assets

Liabilities

Stockholders' Equity

Accts

Medical

Accts

Note

Common

Retained

Type of Equity

Cash

Rec.

Supplies

Land

Pay.

Payable

Stock

Earnings

Transaction

balance and please tell me type of equity transaction

Types of equity transactions: Dividends, Issued Stock, Rent Expense, Salary Expense, Service Revenue, Utilities Expense

Solutions

Expert Solution

Assets

Liabilities

Stockholder's Equity

Accounts

Medical

Accounts

Note

Common

Retained

Date

Cash

Receivable

Supplies

Land

Payable

Stock

Earnings

Transaction

06-Jul

$ 1,49,000.00

09-Jul

$ -62,000.00

$ 62,000.00

12-Jul

$ 1,700.00

All month

$ 4,500.00

$ 9,000.00

Service revenue earned

All month

$ -4,800.00

$ -3,000.00

Salary Expense

$ -700.00

Office Rent Expense

$ -1,100.00

Utilities Expense

31-Jul

$ 900.00

$ -900.00

31-Jul

$ 34,000.00

31-Jul

$ -700.00

Total

$1,20,900.00

$4,500.00

$ 800.00

$62,000.00

$1,000.00

$34,000.00

$1,49,000.00

$ 4,200.00

ekkarill92 answered 1 year ago

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