John Favata opens a dental practice. During the first month of operation (August), the practice, titled John Favata Dental Clinic Ltd., experienced the following events. (Click the icon to view the events.) Requirements Events Dr. Ohara has the fo Aug- 6 Favata invested $40,000 in the business, which in turn issued its common shares to a. What are the total Help me solve him. 9 The business paid cash for land costing $27,000. Favata plans to build a professional services building on the land. 12 The business purchased dental supplies for $2,000 on account. 15 John Favata Dental Clinic Ltd. officially opened for business. 15-31 During the rest of the month, Favata treated patients and earned service revenue of $2,500, receiving cash for half the revenue earned. 15-31 The practice paid cash expenses: employee salaries, $1,200; office rent, $1,200; utilities, $700. 31 The practice used dental supplies with a cost of $200. 31 The practice borrowed $17,000, signing a note payable to the bank. 31 The practice paid $1,200 on account to a supplier. Check answer