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:

LOADING...

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

LOADING...

.

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 + Payable + Stock + Earnings Transaction
06-Jul $ 1,49,000.00 $ 1,49,000.00
09-Jul $ -62,000.00 $ 62,000.00
12-Jul $ 1,700.00 $ 1,700.00
All month $      4,500.00 $ 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 $ 34,000.00
31-Jul $        -700.00 $ -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 2 years ago
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