Rebecca summers opened a medical practice. During , the first month of operation, the business, titled Rebecca Summers, M.D., experienced the following events. 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.
Jul. 6
Summers contributed $60,000 in the business by opening a bank account in the name of R. Summers, MD. The business gave capital to to Summers.
Jul. 9
Paid $40,000 cash for land.
Jul. 12
Purchased medical supplies for $1,700 on account.
Jul. 15
Officially opened for business.
Jul. 20
Paid cash expenses: employees' salaries, $1,700; office rent, $1,200; utilities, $100.
Jul. 31
Earned service revenue for the month, $15,000, receiving cash.
Jul. 31
Paid $950 on account.