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Lucy Satterly opened a medical practice During July, the first month of operation, the business, titled Lucy Satterly, MD, experienced the following events: (i) (Click the icon to view the transactions.) Analyze the effects of these events on the accounting equation of the medical practice of Lucy Satterly, MD Analyze the events chronologically, one transaction at a time, beginning with the transaction on the 6 th. For each transaction that follows the transaction on the 6 th, calculate the balance in each account after analyzing its effect on the accounting equation (Complete only the necessary answer boxes for your transaction lines. [Do not enter any zeros for your transaction lines ] For transactions with the same date, be sure to enter each transaction on a separate line in the order presented in the problem. Carry down all balances to the "Bal. "line, including zero balance accounts, entering a " 0 " for any zero balances. Enter a decrease in an account with a minus sign or parentheses Abbreviations used A/P= Accounts Payable, Com.= Common, Contr = Contributed, Div = Dividends; Exp = Expense, Liab = Liabilities, Med = Medical, Rev = Revenue, Sal = Selaries, Sup = Supplies . Jul. 6 Received a contribution of $56,000 from Satterly and opened a bank account in the name of L. Satterly, MD. The corporation issued common stock to Satterly. Jul. 9 Paid $44,000 cash for land. Jul. 12 Purchased medical supplies for $2,500 on account. Jul. 15 Officially opened for business. Jul. 20 Paid cash expenses: employees' salaries, $900; office rent, $1,400; utilities, $150. Jul. 31 Earned service revenue for the month, $6,000, receiving cash Jul. 31 Paid $1,750 on account

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