Apr. 6 Apr. 7 Apr. 5 Shonton deposited $75,000 in a new business bank account titled...

Transcribed Image Text:

Apr. 6 Apr. 7 Apr. 5 Shonton deposited $75,000 in a new business bank account titled Allen Shonton, CPA. The business issued common stock to Shonton. Paid $300 cash for letterhead stationery for new office. Purchased office furniture for the office on account, $9,500. Apr. 10 Consulted with tax client and received $4,000 for services rendered. Apr. 11 Paid utilities, $190. Apr. 12 Apr. 18 Finished tax hearings on behalf of a client and submitted a bill for accounting services, $20,000. Paid office rent, $750. Apr. 25 Received amount due from client that was billed on April 12. Apr. 27 Paid full amount of accounts payable created on April 7. Apr. 30 Cash dividends of $3,500 were paid to stockholders. ASSETS = LIAB. + Contr. Cap. + Cash + A/R + Office Furn. = A/P Sup. + Com. Stock 75,000 4/5 75,000 4/6 Bal. - EQUITY Retained Earnings Div. + Service Rent Util. Rev. Exp. Exp. Apr. 6 Apr. 7 Apr. 5 Shonton deposited $75,000 in a new business bank account titled Allen Shonton, CPA. The business issued common stock to Shonton. Paid $300 cash for letterhead stationery for new office. Purchased office furniture for the office on account, $9,500. Apr. 10 Consulted with tax client and received $4,000 for services rendered. Apr. 11 Paid utilities, $190. Apr. 12 Apr. 18 Finished tax hearings on behalf of a client and submitted a bill for accounting services, $20,000. Paid office rent, $750. Apr. 25 Received amount due from client that was billed on April 12. Apr. 27 Paid full amount of accounts payable created on April 7. Apr. 30 Cash dividends of $3,500 were paid to stockholders. ASSETS = LIAB. + Contr. Cap. + Cash + A/R + Office Furn. = A/P Sup. + Com. Stock 75,000 4/5 75,000 4/6 Bal. - EQUITY Retained Earnings Div. + Service Rent Util. Rev. Exp. Exp.