Aug 6 9 12 15 15-31 Smith invested $152,000 in the business, which in turn issued its common stock to her. The business paid cash for land costing $60,000. Smith plans to build an office building on the land. The business purchased medical supplies for $2,300 on account. Dr. Sue Smith, P.C., officially opened for business. During the rest of the month, Smith treated patients and earned service revenue of $9,600, receiving cash for half the revenue earned. The business paid cash expenses: employee salaries, $3,300; office rent, $1,200; utilities, $900. (Record the cash amount as a total and identify and record any other amounts separately.) The business sold supplies to another physician for cost of $500 and received cash. The business borrowed $35,000, signing a note payable to the bank. The business paid $500 on account. 15-31 31 31 31 Dr. Sue Smith opened a medical practice specializing in physical therapy. During the first month of operation (August), the business, titled Dr. Sue Smith, Professional Corporation (P.C.), experienced the following events: (Click the icon to view the events.) Read the requirements. Requirement 1. Analyze the effects of these events on the accounting equation of the medical practice of Dr. Sue Smith, P.C. Begin with the first transaction on August 6. (Use parentheses or a minus sign when decreasing accounts. If a box is not used in the table leave the box empty; do not enter a zero. Enter the transactions in the same order as they appear in the original list.) Assets Liabilities Stockholders' Equity + Accts Medical Accts Note Common Retained Type of Equity Transaction Cash + Rec. + Supplies + Land Pay. + Payable + Stock + Earnings Aug 6