Dr. Kim Fleming opened a medical practice specializing in physical therapy. During the first month of operation (August), the business, titled Dr. Kim Fleming, Professional Corporation (P.C.), experienced the following events: i (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 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 Accts Rec. Medical + Supplies + Liabilities Accts Note Pay. + Payable + Stockholders' Equity Common Retained Stock + Earnings Type of Equity Transaction Cash + Land = i More Info i Requirements. Aug 6 Fleming invested $155,000 in the business, which in turn issued its common stock to her. 9 The business paid cash for land costing $57,000. Fleming plans to build an office building on the land. 12 The business purchased medical supplies for $1,500 on account. 15 Dr. Kim Fleming, P.C., officially opened for business. 15-31 During the rest of the month, Fleming treated patients and earned service revenue of $9,800, receiving cash for half the revenue earned. 15-31 The business paid cash expenses: employee salaries, $3,000; office rent, $1,400; utilities, $1,000. (Record the cash amount as a total and identify and record any other amounts separately.) 31 The business sold supplies to another physician for cost of $100 and received cash. 31 The business borrowed $39,000, signing a note payable to the bank. 31 The business paid $700 on account. Analyze the effects of these events on the accounting equation of the medical practice of Dr. Kim Fleming, 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 Fleming really own? e. How much net income or net loss did the business experience during its first month of operations? Print Done Print Done