ACCT1110-012 Principles of Accounting W2022 Homework: Ch 1 - Accounting and the Business Environment Question 2, P1-2A (similar to) > Part 3 of 6 MW SCO Points: 4.38 of 10 Jason Davis, CPA, was an accountant and a partner in a large firm. Recently he resigned his position to open his own accounting business, which he operates as a proprietorship. 3014 C Davis received 3200,000 casi un His unier partiers in the im from which he resigned. 5 Davis invested $150,000 cash in his business. 5 The business paid office rent expense for the month of July, $3,600. 6 The business paid $1,300 cash for letterhead stationery for the office. The business purchased office furniture for the office on account for $7,200, promising to pay within six months. 7 a 10 C 11 12 b 29 31 Davis sold 2,000 shares of Royal Bank stock, which he had owned for several years, receiving $31,000 cash from his stockbroker. Davis deposited the $31,000 cash from sale of the Royal Bank shares in his personal bank account. A representative of a large construction company telephoned Davis and told him of the company's intention to transfer its accounting work to Davis's business. The business performed an audit for a client and submitted the bill for services, $10,000. The business expected to collect from this client within two weeks. Davis withdrew $4,200 cash from the business. Requirement 2. Analyze the effects of the events on the accounting equation of the business. Complete an analysis of the transactions for each date shown, and then total the balance of each account at the bottom. Leave cells blank on any personal transactions: (Complete only the necessary answer boxes for your transaction lines. Enter decreases with a minus sign or parentheses. Complete the analysis in the order in which the transactions are given. Include the type of owner's equity transaction for all transactions that affect owner's equity.) Assets Accounts Office Date Cash Receivable + Supplies Office Furniture = + Liabilities Accounts Payable Jul 4 5 150,000 5 (3.600) + + Owner's Equity J. Davis, Type of Owner's Capital Equity transaction 150,000 Owner's investment (3,600) Rent expense Clear all Check answe