[cocomonet90]

Collen Silk opened a medical practice . During July , the first month of operation, the business , titled Colleen Silk , M.D. experienced the following events,

Requirement

1. Analyze the effects of these events on the accounting equation of the medical practice M.D (Make sure to analyze each event in the order presented in the table. If the event does not require an entry leave blank and indicate no effect on owner equity. Decreases should be entered with parentheses or a minus sign. Zero amounts should be entered in the balance line only).



Jul 6 ,silk invested $39,000 in the business by opening bank account in the name of C. Silk , M.D. the business gave capital to silk.


July 9 , Paid $31,000 cash for land.

July 12 , purchased medical supplies for $1,800 on account.

July 15 officially opened for business.

15-31 , during the rest of the month, silk treated patients and earned service revenue of $6,000, receiving cash.

29th Paid cash expenses; employees' salaries, $2,500; office rent , $700, utilities , $500.
30 Returned supplies purchased on the 12th for the cost of those supplies , $600.
31 paid $1,100 on account.



I really need help.






Assets

= Liabilities + Owners Equity (OE)
Date Cash + Medical supplies +Land= payable + Silk, capital type of OE Transaction

July 6_______ +_________+_____________+___________+_____________ ___
BAl.

July 9_______+____________+_____________+____________+_ ________________
Bal.

July 12 ______+______________+_____________+______________ _+_____________
Bal.
July 15_______+________________+_____________________+_ _____________
Bal.
July 15-31______+________________+-___________+___________+____________

[paraclete]

What are you asked to do?

determine where the entries result in a change in owners equity'

Assets minus Liabilities equal Equity.

in the first entry Equity is $39,000 i.e. Assets 39000 = Equity 39000 there was a change from ZERO to 39000
so you have to post the various entries and determine when the value of the equity changes