Bal2750 354003 Bal $23.570 + 610 + $13.810 Note Rent Cash 81,500 Caren Smith opened a medical practice. During July, the the business, titled Caren first mondh 1-31 Learning objective 4E1-29 Using the accounting equation to analyze busines Smith, M.D., experienced the follo Ree 1. 2. July 6 Smith contributed $55,000 in the business by name of C. Smith, M.D. The business gave capital to Smith 9 Paid $46,000 cash for land 2 Purchased medical supplies for $1,800 on account 1-32 5 Officially opened for business 20 Paid cash expenses: employees salaries, $1,600, office rent 31 Earned service revenue for the month, $8,000, receivi 31 Paid $1,100 on account Re salaries, $1,600, office rent, S900 Analyze the effects f these events on the accounting equation of the n 13 practice of Caren Smith, M.D., using the following format: Assets Liabilities + Equity Medical +Land Supplies Accounts +Smith, Smith,ServiceSalaries Rent Payable apital Withdrawals RevenueExpense Expense a 12 3131