Lauren Steinbeck opened a medical practice. During July, the first month of operation, the business, titled Lauren Steinbeck, MD, 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 Steinbeck, MD. Analyze the events chronologically, one transaction at a time, beginning with the transaction on the 6th. For each transaction that follows the transaction on the 6th, 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; Com. = Common; Contr. = Contributed; Div. = Dividends; Exp. = Expense; Liab. = Liabilities; Med. = Medical; Rev. = Revenue; Sal. = Salaries; Sup. = Supplies.) Assets = Liab. + Equity Contr. Retained Earnings Cash + Med. + Land = A/P + Capital + Com. - Stock Div. - - + Service Rev. Rey Sal. Exp. Exo Rent Exp. - Utilities Exp. Sup. Lauren Steinbeck opened a medical practice. During July, the first month of operation, the business, titled Lauren Steinbeck, MD, experienced the following events: i (Click the icon to view the transactions.) Analyze the effects of these events on the accounting equation of the medical practice of Lauren Steinbeck, MD. Cash + Med. Land = A/P + Capital + Com. - Stock Div. + Retained Earnings Service - Sal. - Rent Rev. Exp. Exp. - Utilities Exp. i More Info Sup + + + + + Jul. 6 Received a contribution of 350.000 from Steinbeck and opened a bank account in the name of L. Steinbeck, MD. The corporation issued common stock to Steinbeck. 9 Paid $35,000 cash for land. 12 Purchased medical supplies for $2,000 on account. 15 Officially opened for business. 20 Paid cash expenses: employees' salaries, $1,100: office rent, $1,600; utilities, $250. 31 Earned service revenue for the month, $12,000, receiving cash. 31 Paid $1,460 on account. + + + + + Print Done + +