Angela Pivone recnly opened her ow law ofice o Marc 1, whih she operats as a soe propietrship. The name of te new etty is Angela Pivon, Atmey. Pivone experienced the followng events drig the organizng phase o the new busness and its first month of operation, March 2018. Some of the events were personal and did not affect the law practice. Others were business transactions and should be accounted for by the business O (Click the icon to view the transactions.) nta Read the Requirement 1. Analyze the effects of the preceding events on the accounting equation of Angela Pvone, Atorney Analyze the events chronologically, one transaction at a time, beginning with the transaction on the tst For each transaction that follows the transaction on the 2nd, calculate the balance in each account after analyzing its efect on the accounting equation. Ater calculating the ending balance of each account on the 31st, calculate total assets and total labiltes and equity (Complete only the necessary anower boves for your transaction lines. [Do not enter any zeros for your transaction lines fa transaction is personal and does not affect the business, leave the transaction ine blank. Carry down al balances to the "Bal" ine, including zero balance accounts, entering a "0 tor any zero balances. Enter a decrease in an account with a minus sign or parentheses. Abbreviations used AP Accounts Payable, AR Accounts Receivable, Cap Pivone, Capitat, Comp Computer, Exp Expense, Liab Liabities Misc Miscellaneous, Rev Revenue, Sup Supplies. Ut - Utes, Wiha Pvone, Wthdrawas) ASSETS LIAB. EQUITY Cash Ofice Comp Withdr Service Cap. UN -Msc Sup. Rev. Exp. Exp 32 Bal 33 Bal 35 Ba 37 Bal. Bal. Bal. 3/23 Bal. 3/28 Bal. 3/30 Bal. 3/31 Bal. + + + + + + + + + 1. Analyze the effects of the preceding events on the accounting equation of Angela Pivone, Attorney. 2. Prepare the following financial statements: a. Income statement. b. Statement of owner's equity. c. Balance sheet. d. Statement of cash flows. Print Done Mar. 1 Sold personal investment in Amazon.com stock, which she had owned for several years, receiving $26,000 cash. 2 Deposited the $26,000 cash from the sale of the Amazon.com stock in her personal bank account. 3 Deposited $80,000 cash in a new business bank account titled Angela Pivone, Attorney. The business gave capital to Pivone. 5 Paid $400 cash for ink cartridges for the printer. 7 Purchased computer for the law office, agreeing to pay the account, $6,800, within three months. 9 Received $1,800 cash from customers for services rendered. 15 Received bill from The Lawyer for magazine subscription, $390. (Use Miscellaneous Expense account.) 23 Finished court hearings on behalf of a client and submitted a bill for legal services, $11,000, on account. 28 Paid bill from The Lawyer. 30 Paid utilities, $920. 31 Received $2,900 cash from clients billed on March 23. 31 Pivone withdrew cash of $6,000
