Suzanne Luken opened a medical practice titled Suzanne Luken M.D., Inc. During March, 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 Suzanne Luken M.D., Inc. Use headings for Cash, Medical Supplies, Land, Accounts Payable, Common Stock, Service Revenue, and Rent Expense.

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Mar 2 Luken bought $65,000 of stock in the business by opening a bank account in the name of Suzanne Luken M.D., Inc. 11 6 The business paid $55,000 cash for land with the intention of building an office building on the land. The business purchased medical supplies for $1,000 on account. 15 The business officially opened for business. 17 The business treated patients and earned service revenue of $7,000, receiving cash. 19 The business paid office rent, $1,800. 22 The business sold supplies to another doctor for the cost of those supplies, $250. 30 The business paid $500 on account related to the March 11 purchase.