More Info Jul 6 Morin invested $155,000 in the business, which in turn issued its common stock to her. 9 The business paid cash for land costing $62,000. Morin plans to build an office building on the land. 12 The business purchased medical supplies for $1,500 on account. 15 Dr. Char Morin, P.C., officially opened for business. 15-31 During the rest of the month, Morin treated patients and earned service revenue of $9,100, receiving cash for half the revenue earned. 15-31 The business paid cash expenses: employee salaries, $3,300; office rent, $1,400; utilities, $400. (Record the cash amount as a total and identify and record any other amounts separately.) 31 The business sold medical supplies to another physician for cost of $500 and received cash. 31 The business borrowed $33,000, signing a note payable to the bank. 31 The business paid $600 on account. Print Done 1 Requirements. 1. Analyze the effects of these events on the accounting equation of the medical practice of Dr. Char Morin, P.C. 2. After completing the analysis, answer these questions about the business. a. How much are total assets? b. How much does the business expect to collect from patients? c. How much does the business owe in total? d. How much of the business's assets does Morin really own? e. How much net income or net loss did the business experience during its first month of operations? Dr. Char Morin opened a medical practice specializing in surgery. During the first month of operation (July), the business, titled Dr. Char Morin, Professional Corporation (P.C.), experienced the following events: (Click the icon to view the events.) Read the requirements. Requirement 1. Analyze the effects of these events on the accounting equation of the medical practice of Dr. Char Morin, P.C. Begin with the first transaction on July 6. (Use parentheses or a minus sign when decreasing accounts. If a box is not used in the table leave the box empty; do not enter a zero. Enter the transactions in the same order as they appear in the original list.) Assets Liabilities Stockholders' Equity + Accts Medical Accts Note Common Retained Type of Equity Cash + Rec. + Supplies + Land Pay. + Payable + Stock + Earnings Transaction Jul 6 155,000 155,000 Choose from any list or enter any number in the input fields and then click Check