2 3 4. Charles Petronick decided to start an accounting practice after graduation from university. The following is a list of events that occurred concerning Charles's practice. 1. Charles invested $470 of his own cash in a new bank account at BMO under the name Petronick Accounting Services Charles borrowed $3,760 from his grandmother so that he could buy some office furniture for his new office. Charles deposited the $3,760 in the business bank account, After shopping around, Charles found an office to lease and signed a lease agreement. The lease calls for a payment of $940 rent per month Paid the landlord the first month's rent Purchased office furniture for $3,102 on account Moved into the office and obtained the first assignment from a client to prepare year-end financial statements for $1,880 Performed the work on the assignment and sent an invoice to the customer for $1,880 9. Paid half of the amount of the purchase of office furniture 10. Purchased office supplies on account for $282. Paid $47 cash for Internet services. Received cash of $1.128 from a customer for a job to be performed next month 13. Charles withdrew cash from the business of $141 for personal expenses 5. 6. 7. 8. 11 12 For each of the following transactions, indicate the effects on the business assets, liabilities, and owner's equity. Of a transaction couses a decrease in Assets, Liabilities or Owner's Equity, ploce a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity Item that was reduced) Transaction Number Assets Liabilities Capital Dram 1. $ $ $ 2 3. 4. 5. 7. 8 9. 10 Owner's Equity Capital Drawings Revenue Expenses $