(L. OBJ. 7, 8) Using the accounting equation to analyze transactions [10—20 min] Cindy...

(L. OBJ. 7, 8) Using the accounting equation to analyze transactions [10—20 min]

Cindy Surrette opened a medical practice. During July, the first month of operation, the business, titled Cindy Surrette, M.D., experienced the following events:

Requirement

1. Analyze the effects of these events on the accounting equation of the medical practice of Cindy Surrette, M.D. Use a format similar to that of Exhibit 1-8, with headings for Cash, Medical supplies, Land, Accounts payable, and Cindy Surette, Capital.