Lauren Stein opened a medical practice. During July, the first month of operation, the business, titled Lauren Stein, M$.$D$.,$ experienced the following events:

$($Click the icon to view the transactions.$)$

Analyze the effects of these events on the accounting equation of the medical practice of Lauren Stein, M$.$D$.$

Analyze the events chronologically, one transaction at a time, beginning with the transaction on the $6$ th$.$ For each transaction that follows the transaction on the $6$ th$,$ calculate the balance in each account after analyzing its effect on the accounting equation. $($Complete only the necessary answer boxes for your transaction lines. $[$Do not enter any zeros for your 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. Carry down all balances to the "Bal." line, including zero balance accounts, entering a $"0"$ for any zero balances. Enter a decrease in an account with a minus sign or parentheses. Abbreviations used: A$/$P $=$ Accounts Payable; Cap. $=$ Stein, Capital; Exp. Expense; Liab. $=$ Liabilities; Med. $=$ Medical; Rev. $=$ Revenue; Sal. $=$ Salaries; Sup. $=$ Supplies; Withdr. $=$ Stein, Withdrawals.$)$

ASSETS $,=$ LIAB. $+q,$

$q,$

$q,$ LIAB.

$\backslash$table$[[$Cap$.,-,$Withdr.,$+,\backslash$table$[[$Service$],[$Rev$.]],-,\backslash$table$[[$Sal$.],[$Exp$.]],-,\backslash$table$[[$Rent$],[$Exp$.]],-,\backslash$table$[[$Utilities$],[$Exp$.]]],[,-1,,+,,-,,,,-,]]$

$\frac{7}{6}+$

$$

More info

Jul. $6$ Stein contributed $$52,000$ in the business by opening a bank account in the name of L$.$ Stein, MD$.$ The business gave capital to to Stein.

Jul. $9$ Paid $$46,000$ cash for land.

Jul. $12$ Purchased medical supplies for $$1,700$ on account.

Jul. $15$ Officially opened for business.

Jul. $20$ Paid cash expenses: employees' salaries, $$1,200$; office rent, $$1,200$; utilities, $$450.$

Jul. $31$ Earned service revenue for the month, $$11,000,$ receiving cash.

Jul. $31$ Paid $$1,000$ on account.

pages

Get more help $-$