Amos Shea recently opened his own accounting firm, which he operates as a sole proprietorship. The name of the new entily is Amos Shea, CPA. Shea experienced the following events during the organizing phase of the new business and its first mont h of operations in 2016 (Click the ioon to view the transactions) Read the require Requirement 1. Analyze the effects of the events on the accounting equation of the sole proprietorship of Amos Shea, CPA. Analyze the events chronologically, one transaclion at a time. Beginning with the transaction on the 6th, calculate the balance in each account after analyzing the effect of the transaction on the accounting equation. Ater calculating the ending balance of each account on the 29th, calculate total assets and total liabilities and equity. (Complete only the necessary answer boxes for your transaction lines. [lf a box is not used in the table leave the box empty; do not enter a zero for the transaction lines Camy down all balances to the Bal. I ne ncluding zero balance accounts, entering a for any zero balances Enter a decrease in an account with a minus sign or parentheses. Abbreviations used: AP = Accounts Payable A/R = Accounts Receivable; Cap Shea Capital; Exp = Expense; Furn. = Fumiture; Liab Liabilities; Rev Revenue; Sup Supplies; Util. = utilies; Withdr-Shea, Withdrawals. ASSETS LIAB. EQUITY Cash + AR + Office + Fum. = A/P + Cap. . Withdr. + Service Rent -Util. Sup. Rev. Exp Enter any number in the edit fields and then click Check Answer. parts 13 praning Clear All Check Answer Feb. 5 Shea deposited $40,000 in a new business bank account titled Amos Shea, CPA. The business gave capital to Shea. 6 Paid $400 cash for letterhead stationery for new office. 7 Purchased office furniture for the office on account, $6,500. 10 Consulted with tax client and received $2,300 for services rendered. 11 Paid utilities, $280. 12 Finished tax hearings on behalf of a client and submitted a bill for accounting services, $17,000. 18 Paid office rent, $1,750. 25 Received amount due from client that was billed on February 12. 27 Paid full amount of accounts payable created on February 7. 29 Shea withdrew $3,500. Requirements 1. Analyze the effects of the events on the accounting equation of Amos Shea, CPA 2. Prepare the following financial statements: a. Income statement. b. Statement of owner's equitv. c. Balance sheet. Print Done