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Dr. Kim Fleming opened a medical practice specializing in physical therapy. During the first month of operation (July), the business, titled Dr. Kim Fleming, Professional
Dr. Kim Fleming opened a medical practice specializing in physical therapy. During the first month of operation (July), the business, titled Dr. Kim Fleming, 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. Kim Fleming, P.C. Begin with the first transaction on July 6. (Use parentheses or a minus sign when decreasing accounts. If an input field is not used in the table leave the field empty, do not enter a zero. Enter the transactions in the same order as they appear in the original list.) Assets Liabilities Stockholders' Equity More info Accts Medical Accts Note Common Retained Type of Equity Cash Rec. Land Stock + Transaction + Supplies + 1400 Pay 1100 + Payable + 34000 Earnings 4900 Jul 6 119700 4900 64000 150.000 Jul 6 Fleming invested $150,000 in the business, which in turn issued its common stock to her. Jul 9 The business paid cash for land costing $64,000. Fleming plans to build an office building on the land. Jul 12 The business purchased medical supplies for $1,800 on account. Jul 15 Dr. Kim Fleming, P.C., officially opened for business. Jul 15-31 During the rest of the month, Fleming treated patients and earned service revenue of $9,500, receiving cash for half the revenue earned. Jul 15-31 The business paid cash expenses: employee salaries, $3,300; office rent, $700; utilities, $1,300. (Record the cash amount as a total and identify and record any other amounts separately.) Jul 31 The business sold supplies to another physician for cost of $300 and received cash. Jul 31 The business borrowed $40,000, signing a note payable to the bank. Jul 31 The business paid $600 on account
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