Annette Pachelo recently opened her own law office on March 1, which she operates as a corporation. The name of the new entity is Annette Pachelo, Attorney. Pachelo experienced the following events during the organizing phase of the new business 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. (Click the icon to view the transactions.) Read the requirements Analyze the events chronologically, one transaction at a time, beginning with the transaction on the 1st. For each transaction that follows the transaction on the 1st, calculate the balance in each account after analyzing its effect on the accounting equation After calculating the ending balance of each account on the 31st, calculate total assets and total liabilities and equity (Complete only the necessary answer boxes for your transaction lines. If a transaction is personal and does not affect the business, leave the transaction line blank. Carry down all balances to the "Bal" line, including zero balance accounts, entering a "O"for any zero balances Enter a decrease in an account with a minus sign or parentheses Abbreviations used: AJP = Accounts Payable: AR - Accounts Receivable: Com. Common Contr. Cap. - Contributed Capital, Div. = Dividends, Comp. - Computer, Exp. = Expense; Liab. = Liabilities, Misc = Miscellaneous; Rev. = Revenue: Sup = Supplies; Util. = Utilities) ASSETS LIAB. EQUITY Contr. . Retained Earnings Cash + Office + Comp AP Com Dw + Service Util Misc Sup Stock Rev Exp Exp 3/1 + AR + + + + + 3/2 + + + + + Bal Enter any number in the edit fields and then click Check Answer Annette Pachelo recently opened her own law office on March 1, which she operates as a corporation. The name of the new entity is Annette Pachelo, Attorney. Pachelo experienced the following events during the organizing phase of the new business 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. (Click the icon to view the transactions.) Read the requirements Analyze the events chronologically, one transaction at a time, beginning with the transaction on the 1st. For each transaction that follows the transaction on the 1st, calculate the balance in each account after analyzing its effect on the accounting equation After calculating the ending balance of each account on the 31st, calculate total assets and total liabilities and equity (Complete only the necessary answer boxes for your transaction lines. If a transaction is personal and does not affect the business, leave the transaction line blank. Carry down all balances to the "Bal" line, including zero balance accounts, entering a "O"for any zero balances Enter a decrease in an account with a minus sign or parentheses Abbreviations used: AJP = Accounts Payable: AR - Accounts Receivable: Com. Common Contr. Cap. - Contributed Capital, Div. = Dividends, Comp. - Computer, Exp. = Expense; Liab. = Liabilities, Misc = Miscellaneous; Rev. = Revenue: Sup = Supplies; Util. = Utilities) ASSETS LIAB. EQUITY Contr. . Retained Earnings Cash + Office + Comp AP Com Dw + Service Util Misc Sup Stock Rev Exp Exp 3/1 + AR + + + + + 3/2 + + + + + Bal Enter any number in the edit fields and then click Check
