Arron Sheen recently opened his own accounting firm on April 1, which he operates as a coordination. The name of the new entity is Aaron Sheen, CPA. Sheen experienced the following events during the organizing phase of the new business and its first month of operations in 2018:

Apr.5	Sheen deposited $60,000 in a new business bank account titled Aaron Sheen, CPA. The business issued common stock to Sheen
Apr.6	Paid $100 Cash for letterhead stationary for the new office.
Apr.7	Purchased office furniture on account, $9,000
Apr.10	Consulted with tax client and receieved $3,400 for services rendered
Apr 11	Paid utilities, $200
Apr 12	Finished tax hearings on behalf of a client and submitted a bill for accounting services, $10,000
Apr 18	Paid office rent, $800
Apr.25	Received amount due from client that was billed on April 12.
April 27	Paid full amount of accounts payable created April 7
Apr 30	Cash dividends of $5,000 were paid to stockholders

Analyze the events chronologically, one transaction at a time, beginning with the transaction on the 5th. For each transaction that follows the transaction on the 5th, calculate the balance in each account after analyzing its effect on the accounting equation. After calculating the ending balance of each account on the

30th, calculate total assets and total liabilities and equity. (Complete only the necessary answer boxes for your transaction lines. [Do not enter any zeros for your transaction lines.] Carry down all balances to the "Bal." line, including zero balance accounts, entering a "0" for any zero balances. Enter a decrease in an account with a minus sign or parentheses. Abbreviations used: A/P = Accounts Payable; A/R = Accounts Receivable; Com. = Common; Contr. = Contributed; Div. = Dividends; Exp. = Expense; Furn. = Furniture; Liab = Liabilities; Rev. = Revenue; Sup. = Supplies; Util. = Utilities.)

Requirements 1. Analyze the effects of the events on the accounting equation of Abraham Shine, CPA. 2. Prepare the following financial statements: a. Income statement. b. Statement of retained earnings. c. Balance sheet. Print Done X