Homework: Week 2: Homework Save Score: 0 of 10 pts 1 of 4 (0 complete) HW Score: 0%, 0 of 45 pts E2-20A (similar to) Question Help Dr. Laura Smith opened a medical practice specializing in physical therapy. During the first month of operation (October), the business, tited Dr. Laura Smith, Professional Corporation (PC.), experienced the following events: (Click the lcon to vlew the events.) Read the requirement s. Requirement 1 . Analyze the effects of these events on the accounting equation of the medical practice of Dr. Laura Smith, P.C. Begin with the first transaction on October 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 Liabilities t Stockholders' Equity Note Common Retained Type of Equity Requirements. Accts Medical Cash Rec. SuppliesLandPay. PayableStock Eamings Transaction Oct 6 1. Analyze the effects of these events on the accournting equation of the medical practice of Dr. Laura Smith, P.. More Info 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 buslness owe In total? Oct 6 Smith invested $155,000 in the business, which in turn issued its common stock to her d. How much of the business's assels does Smith really own? The business paid cash for land costing $60,000. Smith plans to build an office building 9 on the land. e. How much net income or net loss did the business experience during its first month of operations? 12 The business purchased mecical supplies for $1,800 on account. 15 Dr. Laura Smith, P.., officially opened for business. 15-31 During the rest of the month, Smith treated patients and earned service revenue of 59,700, receiving cash for half the revenue earned. Print Done 15-31 The business paid cash expenses: employee salaries, 52,800; office rent $900; utilities, 51,000. (Record the cash amount as a total and identify and record any other amounts separately.) 31 The business scld supplies to another physician for cost of S700 and received cash. Choosef 31 The business borrowed S38,000, signing a note payabe to the bank. 31 The business pald ST00 on account. 10 Poarmtal Check