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Lucy Stanley opened a medical practice. During July, the first month of operation, the business,...

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Accounting

Lucy Stanley opened a medical practice. During July, the first month of operation, the business, titled Lucy Stanley, MD, experienced the following events:
(Click the icon to view the transactions.)
Analyze the effects of these events on the accounting equation of the medical practice of Lucy Stanley, MD.
Div. = Dividends; Exp. = Expense; Liab. = Liabilities; Med. = Medical; Rev. = Revenue; Sal. = Salaries; Sup. = Supplies. Assets = Liab. ?(()()+), Equity
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Jul. 6 Received a contribution of $72,000 from Stanley and opened a bank account in the
name ofL. Stanley, MD. The corporation issued common stock to Stanley.
Jul. 9 Paid $48,000 cash for land.
Jul. 12 Purchased medical supplies for $1,800on account.
Jul. 15 Officially opened for business.
Jul. 20 Paid cash expenses: employees' salaries, $1,500; office rent, $1,200; utilities, $450.
Jul. 31 Earned service revenue for the month, $16,000, receiving cash.
Jul. 31 Paid $1,150on account.
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