Steve Young decides to open a Therapy Clinic, the following transactions occurred during August:

Aug. 1 Steve Young invested $40,000 cash in to start the business.

Equipment was purchased at a cost of $7,000; a three-month, 10% note payable was signed for this amount.

Billed Mary Johns $14,000 for services preformed.

Purchased supplies from Low’s Co. for $1,500 payable in 15 days.

13 Received $11,000 from Mary Johns.

15 Steve Young withdrew $2,000 for personal expenses.

20 Paid Low’s Co. for supplies purchased on Aug. 5th.

26 Sue Lewis, Young’s administrative assistant, was paid $1,800 cash for her salary.

Instructions:

Analyze above transactions for the month of August in expanded accounting equation.

Journalize those transactions