Jzefina Floros opened a medical practice. During July, the first month of operation, the business, titled J.

Józefina Floros opened a medical practice. During July, the first month of operation, the business, titled J. Floros, MD, experienced the following events:

Analyze the effects of these events on the accounting equation of the medical practice of J. Floros, MD, using the following format: 

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Received a contribution of $55,000 from Floros and opened a bank account in the name of J. Floros, MD. The corporation issued common stock to Floros. Paid $46,000 cash for land. 9 12 Purchased medical supplies for $1,800 on account. 15 Officially opened for business. 20 Paid cash expenses: employees' salaries, $1,600; office rent, $1,900; utilities, $100. Earned service revenue for the month, $8,000, receiving cash. 31 31 Paid $1,100 on account. Jul. 6