Abraham Shine recently opaned his own accounting fiem on Apr

Abraham Shine recently opaned his own accounting fiem on April 1, which he operates as a corporation. The name of the new entity is Abraham Shine CPA Shine xparienced the following events during the organizing phase of the new business and ies Srst month of operations in 2018 (Cick the icon to view the transactions) Read the teaments Requirement 1. Analyze the effects of the events on the accounšing equation of Abraham Shine, CPA Anal ze the events chronolo caly one transaction at a rme egning with the transaction on the 6th caklate the balance in each account after analyzing the efect of the transaction on the account g equation Aher calculating the ending balance of each account on the 30m caloulate total assets and totall Babilities and equity (Complete only the nacessary answer boxes for your transaction ines Do not enter any zeros for your transaction lines 1 Car down all balances to the al line including zero balance accounts entering \"Q for any zero balances Enter decrease in ar account with 4 minus sign or pare theses Abbreviations used Ap Accounts Payable A Accounts Receivable. Com Common Contr “Conttuted. Div . Dividends. Exp . Expense. Fum . Fumitu, Liab. Liablies Rev-Revenue Sup . Supplies, Uni-Uilties) ASSETS LIAB+ EQUITY Contr. Retained Earnings ServiceRent Exp Cap Cash + AR + Ofice + Furn AP + Com Die UtI Sup Stock Rev Exp Enter any inumber in the edit fhelds and then click Check Answer 13-taring Clear Al Check Answer

Solution

Answer

Assets

=

Liabilities

+

Equity

Contributed Capital

+

Retained earnings

Date

Cash

+

A/R

+

Office Sup

+

Furn

=

A/P

+

Com Stock

-

Div

+

Service Revenue

-

Rent Exp

-

Util Exp

Apr-05

80000

+

+

+

=

+

80000

-

+

-

-

Apr-06

-200

+

+

200

+

=

+

-

+

-

-

Apr-07

+

+

+

7500

=

7500

+

-

+

-

-

Apr-10

3500

+

+

+

=

+

-

+

3500

-

-

Apr-11

-390

+

+

+

=

+

-

+

-

-

390

Apr-12

+

12000

+

+

=

+

-

+

12000

-

-

Apr-18

-1600

+

+

+

=

+

-

+

-

1600

-

Apr-25

12000

+

-12000

+

+

=

+

-

+

-

-

Apr-27

-7500

+

+

+

=

-7500

+

-

+

-

-

Apr-30

-4000

+

+

+

=

+

-

4000

+

-

-

TOTAL

81810

0

200

7500

0

80000

4000

15500

1600

390

Income

Service Revenue

15500

Expenses

Rent Expense

1600

Utilities expense

390

Total expense

1990

Net Income

13510

Opening Bal

0

Add: Net Income

13510

Less: Dividend paid

4000

9510

Closing balance

9510

A. Owner\'s Equity

Common Stock

80000

Retained Earnings

9510

89510

B. Liabilities

Accounts payable

0

Total Owners\' Equity and Liabilities

89510

C. Assets

Cash

81810

Accounts Receivables

0

Office Supplies

200

Furniture

7500

Total Assets

89510

Assets

=

Liabilities

+

Equity

Contributed Capital

+

Retained earnings

Date

Cash

+

A/R

+

Office Sup

+

Furn

=

A/P

+

Com Stock

-

Div

+

Service Revenue

-

Rent Exp

-

Util Exp

Apr-05

80000

+

+

+

=

+

80000

-

+

-

-

Apr-06

-200

+

+

200

+

=

+

-

+

-

-

Apr-07

+

+

+

7500

=

7500

+

-

+

-

-

Apr-10

3500

+

+

+

=

+

-

+

3500

-

-

Apr-11

-390

+

+

+

=

+

-

+

-

-

390

Apr-12

+

12000

+

+

=

+

-

+

12000

-

-

Apr-18

-1600

+

+

+

=

+

-

+

-

1600

-

Apr-25

12000

+

-12000

+

+

=

+

-

+

-

-

Apr-27

-7500

+

+

+

=

-7500

+

-

+

-

-

Apr-30

-4000

+

+

+

=

+

-

4000

+

-

-

TOTAL

81810

0

200

7500

0

80000

4000

15500

1600

390