Sally Larson opened a medical practice titled Sally Larson M.D., Inc. During August, the first month of operations, the business experienced the following events: (Click the icon to view the events.) Read the requirement Calculate the updated balances for all the accounts after entering each transaction. (If a box is not used in the transaction, leave the box emply; do not enter a zero. If an event does not affect the accounts of the business, leave the entire transaction line blank. Carry down all balances, including zero balance accounts. Enter decreases with a minus sign or parentheses.) August 2: Larson bought $55,000 of common stock in the business by opening a bank account in the name of Sally Larson M.D., Inc. Assets Liabilities + - X Requirement Cash + Med sup + Land = AP + CS Stockholders' equity Retained eamings Serv rev. Rent exp. + Util exp + + + + 2) 2 Bal + 1. Analyze the effects of these events on the accounting equation of the medical practice of Sally Larson M.D., Inc. Use headings for Cash, Medical supplies (Med sup), Land, Accounts payable (AP), Common stock (CS), Service revenue (Serv rev), Rent expense (Rent exp), and Utility expense (Util exp). More Info Print Done Aug 2 Larson bought $55,000 of common stock in the business by opening a bank account in the name of Sally Larson M.D., Inc. 6 The business paid $35,000 cash for land with the intention of building an office building on the land. 11 The business purchased medical supplies for $300 on account 15 The business officially opened for business. 17 The business treated patients and earned service revenue of $7,000, receiving cash 19 The business paid office rent, $1,600. 22 The business sold supplies to another doctor for $250 cash, the cost of those supplies. 25 The business received a $125 utility bill in the mail. The bill will be paid in 30 days. 30 The business paid $200 on account related to the August 11 purchase. Print Done Clear All Check