Maria Lange opened a medical practice. During July, the first month of operation, the business, titled Maria Lange, M.D., experienced the following events.

Requirement Analyze the effects of these events on the accounting equation of the medical practice of M. Lange, M.D. Use a format similar with headings for Cash; Medical Supplies; Land; Accounts Payable; and M. Lange, Capital.

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July 6 Lange invested $45,000 in the business by opening a bank account in the name of M. Lange, M.D. 9 Paid $35,000 cash for land. 12 Purchased medical supplies for $2,000 on account. 15 Officially opened for business. 15-31 During the rest of the month, Lange treated patients and earned service revenue of $7,000, receiving cash. 15-31 Paid cash expenses: employees' salaries, $1,700; office rent, $1,000; utilities, $300. 28 Sold supplies to another physician for the cost of those supplies, $500. 31 Paid $1,500 on account.