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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

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.
Feb 4 Shore received $27,000 cash from former accounting partners."
Deposited $50,000 in a new business bank account titled Alex Shore,
CPA. The business gave capital to Shore.
Paid $100 cash for letterhead stationery for the new office.
Purchased office furniture for the office. The business will pay the account
payable, $9,700, within three months.
Shore sold personal investment in
Amazing.com stock, which he had owned
for several years, receiving $50,000 cash.
Shore deposited the $50,000 cash from sale of the
Amazing.com stock in his
A representative of a large company telephoned Shore and told him of the
company's intention to transfer its accounting business to Shore.
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. Paid office reming
Paid office rent, $1,500.
Shore withdrew cash of $1,000.
"Personal transaction of Alex Shore.
a) Prepare journal entries (7 points)
b) Prepare Income statement from the results of transactions (5 points)
c) Prepare Balance sheet (5 points)
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