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How can I figure out Steps for J zefina Floros opened a medical practice. During July, the first month of operation, the business, titled J
How can I figure out Steps for
Jzefina Floros opened a medical practice. During July, the first month of operation, the business, titled J Floros, MD experienced the following events:
View the transactions.
Analyze the effects of these events on the accounting equation of the medical practice of J Floros, MD
Analyze the events chronologically, one transaction at a time, beginning with the transaction on the th For each transaction that follows the transaction on the th calculate the balance in each account after analyzing its effect on the
accounting equation. Complete only the necessary input fields for the transaction lines. Do not enter any zeros for the transaction lines. For transactions with the same date, be sure to enter each transaction on a separate line in the order
presented in the problem. Enter a decrease in an account with a minus sign or parentheses. Carry down all balances to each Balance line, including zero balance accounts, entering a for any zero balances.
Transactions
July Received a contribution of $ from Floros and opened a bank account in the
name of J Floros, MD The corporation issued common stock to Floros.
July Paid $ cash for land.
July Purchased medical supplies for $ on account.
July Officially opened for business.
July Paid cash expenses: employees' salaries, $; office rent, $; utilities, $
July Earned service revenue for the month, $ receiving cash.
July Paid $ on account.
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