Using the accounting equation to analyze transactions
Caren Smith opened a medical practice. During July, the first month of operation, the business, titled Caren Smith, M.D., experienced the following events:
| Jul 6 | Smith invested $55,000 in the business by opening a bank account in the name of C. Smith, M.D. The business gave capital to Smith. | |
| 9 | Paid $46,000 cash for land. | |
| 12 | Purchased medical supplies for $1,800 on account. | |
| 15 | Officially opened for business. | |
| 15–31 | During the rest of the month, Smith treated patients and earned service revenue of $8,000, receiving cash. | |
| 29 | Paid cash expenses: employees” salaries, $1,600; office rent, $900; utilities, $100. | |
| 30 | Returned supplies purchased on the 12th for the cost of those supplies, $700. | |
| 31 | Paid $1,100 on account. |
Requirement
1. Analyze the effects of these events on the accounting equation of the medical practice of Caren Smith, M.D. Use a format similar to that of Exhibit 1-6, with headings for Cash; Medical supplies; Land; Accounts payable; and Smith, capital.
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