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E1-29 (similar to) Question Help Kira Summers opened a medical practice. During July, the first month of operation, the business, itled Kira Summers, MD, experienced the following events (Click the icon to view the transactions) Analyze the effects of these events on the accounting equation of the medical practice of Kira Summers, MD rked Analyze the events chronologically, one transaction at a time, beginning with the transaction on the 6th For each transaction that follows the transaction on the Scotth calculate the balance in each account after analyzing its effect on the accounting equation (Complete only the necessary answer boxes for your transaction lines Do not enter any eros for your transaction lines. For transactions with the same date, be sure to enter each transaction on a separtine in the order presented in the problem Cary down a balances to the Baline, including zero balance accounts, entering a for any zero balances. Enter a decrease in an account with a minus sign or parentheses. Abbreviations used. AP - Accounts Payable: Com Common Cont Contributed, Div = Dividends, Exp. - Expense: Lab. Liabilities Med = Medical Rev. Revenue, Sal-Salaries, Sup. - Supplies) Assets Llab. Equity Contr 23 (sim Capital Retained Earnings 132 (sim 35 Cash + Med + Land - AP + Com Service - Sal - Rent - Utilities Exp More Info Jul. 6 Received a contribution of $55,000 from Summers and opened a bank account in the name of K. Summers, MD. The corporation issued common stock to Summers. 9 Paid $52,000 cash for land. 12 Purchased medical supplies for $1,900 on account. 15 Officially opened for business, 20 Paid cash expenses, employees' salaries, $1 100 office rent, $800 utilities, $550 31 Earned service revenue for the month $15.000, receiving cash 31 Paid $1,150 on account. Print Done E1-29 (similar to) Question Help Kira Summers opened a medical practice. During July, the first month of operation, the business, itled Kira Summers, MD, experienced the following events (Click the icon to view the transactions) Analyze the effects of these events on the accounting equation of the medical practice of Kira Summers, MD rked Analyze the events chronologically, one transaction at a time, beginning with the transaction on the 6th For each transaction that follows the transaction on the Scotth calculate the balance in each account after analyzing its effect on the accounting equation (Complete only the necessary answer boxes for your transaction lines Do not enter any eros for your transaction lines. For transactions with the same date, be sure to enter each transaction on a separtine in the order presented in the problem Cary down a balances to the Baline, including zero balance accounts, entering a for any zero balances. Enter a decrease in an account with a minus sign or parentheses. Abbreviations used. AP - Accounts Payable: Com Common Cont Contributed, Div = Dividends, Exp. - Expense: Lab. Liabilities Med = Medical Rev. Revenue, Sal-Salaries, Sup. - Supplies) Assets Llab. Equity Contr 23 (sim Capital Retained Earnings 132 (sim 35 Cash + Med + Land - AP + Com Service - Sal - Rent - Utilities Exp More Info Jul. 6 Received a contribution of $55,000 from Summers and opened a bank account in the name of K. Summers, MD. The corporation issued common stock to Summers. 9 Paid $52,000 cash for land. 12 Purchased medical supplies for $1,900 on account. 15 Officially opened for business, 20 Paid cash expenses, employees' salaries, $1 100 office rent, $800 utilities, $550 31 Earned service revenue for the month $15.000, receiving cash 31 Paid $1,150 on account. Print Done