Sherene Lucas opened a medical practice titled Sherene Lucas M.D., Inc. During August, the first month of operations, the business experienced the following events:

Requirement
1. Analyze the effects of these events on the accounting equation of the medical practice of Sherene Lucas M.D., Inc. Use headings for Cash, Medical Supplies, Land, Accounts Payable, Common Stock, Service Revenue, and RentExpense.

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Aug 2 Lucas bought $55,000 of common stock in the business by opening a bank account in the name of Sherene Lucas M.D, Inc. The business paid $40,000 cash for land with the intention of building an office building on the land The business purchased medical supplies for $400 on account. The business officially opened for business. The business treated patients and earned service revenue of $8,000, receiving cash. The business paid office rent, S1,600. The business sold supplies to another doctor for $100 cash, the cost of those supplies The business paid $150 on account related to the August 11 purchase. 6 11 15 17 19 22 30