In March, K. Haas, M.D., established the Haas Sports Injury Clinic. The clinic's account headings are presented below. Transactions completed during the month of March follow.

Assets = Liabilities + Owner's equity Office Professional Accounts Cash + Supplies + Equipment + Equipment = Payable + Capital Drawing + Revenue Expenses

Haas deposited $48,000 in a bank account in the name of the business. Paid the rent for the month, $2,200, Ck. No. 1000 (Rent Expense). Bought supplies for cash from Medco Co., $2,138. Bought professional equipment on account from Med-Tech Company, $18,000. Bought office equipment on account from Equipment Depot, $1,955. Sold professional services for cash, $8,960 (Professional Fees). Paid on account to Med-Tech Company, $3,000, Ck. No. 1001. Received and paid the bill for utilities, $472, Ck. No. 1002 (Utilities Expense). Paid the salary of the assistant, $1,738, Ck. No. 1003 (Salary Expense). Sold professional services for cash, $10,196 (Professional Fees). Haas withdrew cash for personal use, $3,500, Ck. No. 1004.