1. Analyze the effects of these events on the accounting equation of the medical practice of Dr. Jaqueline Favata, P.C.

2. After completing the analysis, answer these questions about the business. a. How much are total assets?

b. How much does the business expect to collect from patients?

c. How much does the business owe in total?

d. How much of the business's assets does Favata really own?

e. How much net income or net loss did the business experience during its first month of operations?

Jan 6 Favata invested $147,000 in the business, which in turn issued its common stock to her.

9 The business paid cash for land costing . plans to build an office building on

the land.

$58,000 Favata

12 The business purchased medical supplies for $1,700 on account.

15 Dr. Jaqueline Favata, P.C., officially opened for business.

15-31 During the rest of the month, treated patients and earned service revenue of

, receiving cash for half the revenue earned.

Favata

$9,600

15-31 The business paid cash expenses: employee salaries, ; office rent, utilities,

. (Record the cash amount as a total and identify and record any other amounts

separately.)

$3,200 $700;

$1,200

31 The business sold supplies to another physician for cost of $700 and received cash.

31 The business borrowed $38,000, signing a note payable to the bank.

31 The business paid $1,300 on account.

Dr. Jaqueline Favata opened a medical practice specializing in physical therapy During the fiest month of opeation (Janusary), the business, itled D.Joqlin Favata,Proessional Corporation (P c experienced the Iolowing 1Cick the icon to view the events) Requirement 1. Analyze the effects of these events on the accouning equaion of the medical practice of D Jaqueline Favata, PC Begin with the first transaction on January & (Use parentheses or a minus sign when decreasing accounts. If a box is not used in the table leave the box empty, de not enter a zero. Enter the transactions in the same arder as th appear in the original list) LisbilitiesStockholders' Equity Accts Note Common Retained Type of Equity Assets Accts Medical Rec.+Supplies Land PayPayableStock Eamings Transaction Issued stock Cash 147,000 Jan 6 -147,000