Alex Shore practiced accounting with a partnership for five years. Recently he opened his own accounting firm, which he operates as a proprietorship. The name of the new entity is Alex Shore, CPA. Shore experienced the following events during the organizing phase of the new business and its first month of operations. Some of the events were personal and did not affect the business.

1. Prepare journal entries (7 points)
2. Prepare Income statement from the results of transactions (5 points)
3. Prepare Balance sheet (5 points)

2.Interpret the results of the statements? (2 points)

Please explain all steps detally.How and with the help of which rule did you solve this exercise.Also answer to all questions.

Feb 4 Shore received $27,000 cash from former accounting partners. * 5 Deposited $50,000 in a new business bank account titled Alex Shore, CPA. The business gave capital to Shore. 6 Paid $100 cash for letterhead stationery for the new office. 7 Purchased office furniture for the office. The business will pay the account payable, $9,700, within three months. 10 Shore sold personal investment in Amazing.com stock, which he had owned for several years, receiving $50,000 cash.* 11 Shore deposited the $50,000 cash from sale of the Amazing.com stock in his personal bank account.* 12 A representative of a large company telephoned Shore and told him of the company's intention to transfer its accounting business to Shore. 18 Finished tax hearings on behalf of a client and submitted a bill for accounting services, $17,000. Shore expected to collect from this client within two weeks. 25 Paid office rent, $1,500. 28 Shore withdrew cash of $1,000. *Personal transaction of Alex Shore