Dr. Rebecca Gray opened a medical practice specializing in physical therapy. During the first month of operation (July), the business, titled Dr. Rebecca Gray, 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. Rebecca Gray, 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 = Stockholders' Equity Assets Liabilities Accts Medical Cash Rec. + Supplies + Land = Accts Pay. Note Common Retained Type of Equity + Payable + Stock + Earnings Transaction Jul 6 9 12 15 15-31 15-31 31 31 31 Bal. Total Requirement 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? Dividends Issued stock Rent expense Salary expense Service revenue d. How much of the business's assets does Gray really own? e. How much net income or net loss did the business experience during its first month of operations? (Enter the an The business experienced of during its first month of operations. Utilities expense Calculator Requirements. the original list.) More info 1. Analyze the effects of these events on the accounting equation of the medical practice of Dr. Rebecca Gray, P.C. Jul 2. After completing the analysis, answer these questions about the business. Jul 6 Gray invested $147,000 in the business, which in turn issued its common stock to her. 9 The business paid cash for land costing $60,000. Gray plans to build an office building on the land. 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 Gray really own? e. How much net income or net loss did the business experience during its first month of operations? Jul Print Done 12 The business purchased medical supplies for $1,500 on account. Jul Jul 15 Dr. Rebecca Gray, P.C., officially opened for business. Jul 15-31 During the rest of the month, Gray 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, $3,400; office rent, $1,700; utilities $800. (Record the cash amount a total and identify and record any other amounts separately.) The business sold supplies to another physician for cost of $1,000 and received cash. Jul 31 Jul 31 Jul 31 The business paid $900 on account. The business borrowed $37,000, signing a note payable to the bank. Print Done Time Remaining: 02:17:24 Next