Abraham Shine recently opaned his own accounting fiem on April 1, which he opera
ID: 2607443 • Letter: A
Question
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 AnswerExplanation / Answer
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
Related Questions
drjack9650@gmail.com
Navigate
Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.