Arthur Shea recently opened his own accounting firm on April 1, which he operates as a corporation. The name of the new entity is Arthur Shea, CPA. Shea experienced the following events during the organizing phase of the new business and its first month of operations in 2024: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Analyze the effects of the events on the accounting equation of Arthur Shea, CPA. Use the following accounts: Cash, Accounts Receivable, Office Supplies, Furniture, Accounts Payable, Common Stock, Dividends, Service Revenue, Rent Expense, and Utilities Expense. 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.) ASSETS LIAB EQUITY Contr. . . Retained Earnings Cash + A/R + Office Furn. A/P + Com. Div. + Service - Rent Util. Sup. Stock Rev. Exp. Exp. 4/5 Arthur Shea recently opened his own accounting firm on April 1, which he operates as a corporation. The name of the new entity is Arthur Shea, CPA. Shea experienced the following events during the organizing phase of the new business and its first month of operations in 2024: (Click the icon to view the transactions.) Read the requirements. Requirement 1. Analyze the effects of the events on the accounting equation of Arthur Shea, CPA. Use the following accounts: Cash, Accounts Receivable, Office Supplies, Furniture, Accounts Payable, Common Stock, Dividends, Service Revenue, Rent Expense, and Utilities Expense. 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.) ASSETS LIAB EQUITY Contr. . . Retained Earnings Cash + A/R + Office Furn. A/P + Com. Div. + Service - Rent Util. Sup. Stock Rev. Exp. Exp. 4/5
