Jul. 6 Received a contribution of $56,000 from Steinbeck and opened a bank account in the name of E. Steinbeck, MD. The corporation issued common stock to Steinbeck. Jul. 9 Paid $48,000 cash for land. Jul. 12 Purchased medical supplies for $1,900 on account. Jul. 15 Officially opened for business. Jul. 20 Paid cash expenses: employees' salaries, $800; office rent, $600; utilities, $350. Jul. 31 Earned service revenue for the month, $11,000, receiving cash. Jul. 31 Paid $1,250 on account. Assets = Liab. Equity Contr. Capital Retained Earnings Cash Med. Land = A/P Com. - Div. Service - Sal. - Rent - Utilities Sup. Stock Rev. Exp. Exp. Exp. 7/6 =