AvaAva PetrilloPetrillo recently opened her own law office on MarchMarch 1, which she operates as a corporation The name of the new entity is AvaAva PetrilloPetrillo , Attorney PetrilloPetrillo experienced the following events during the organizing phase of the new business and its first month of operation, MarchMarch 20182018 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 Mar Mar 1 Sold personal investment in Amazon stock, which she had owned for several years, receiving $ 33 comma 000$33,000 cash 2 Deposited the $ 33 comma 000$33,000 cash from the sale of the Amazon stock in her personal bank account 3 Deposited $ 60 comma 000$60,000 cash in a new business bank account titled AvaAva PetrilloPetrillo , Attorney The business issued common stock to PetrilloPetrillo 5 Paid $ 450$450 cash for ink cartridges for the printer 7 Purchased computer for the law office, agreeing to pay the account, $ 7 comma 000$7,000 , within three months 9 Received $ 3 comma 100$3,100 cash from customers for services rendered 15 Received bill from The Lawyer for magazine subscription, $ 200$200 (Use Miscellaneous Expense account ) 23 Finished court hearings on behalf of a client and submitted a bill for legal services, $ 12 comma 000$12,000 , on account 28 Paid bill from The Lawyer 30 Paid utilities, $ 1 comma 300$1,300 3131 Received $ 1 comma 000$1,000 cash from clients billed on MarchMarch 23 3131 Cash dividends of $ 3 comma 000$3,000 were paid to stockholders Analyze the effects of the preceding events on the accounting equation of AvaAva PetrilloPetrillo , Attorney 2 Prepare the following financial statements a Income statement b Statement of retained earnings c Balance sheet d Statement of cash flows Requirement 1 Analyze the effects of the preceding events on the accounting equation of AvaAva PetrilloPetrillo , Attorney Analyze the events chronologically, one transaction at a time Beginning with the transaction on the 2nd, calculate the balance in each account after analyzing the effect of the transaction on the accounting equation After calculating the ending balance of each account on the 3131 st, 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 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 Cap Contributed Capital Div Dividends Comp Computer Exp Expense Liab Liabilities Misc Miscellaneous Rev Revenue Sup Supplies Util Utilities ) ASSETS LIAB EQUITY Contr Cap Retained Earnings Cash A R Office Comp A P Com Div Service Util Misc Sup Stock Rev Exp Exp 3 1 72,000 3 2 Bal

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AvaAva PetrilloPetrillo recently opened her own law office on MarchMarch ?1, which she operates as a corporation. The name of the new entity is AvaAva

AvaAva

PetrilloPetrillo

recently opened her own law office on

MarchMarch

?1, which she operates as a corporation. The name of the new entity is

AvaAva

PetrilloPetrillo?,

Attorney.

PetrilloPetrillo

experienced the following events during the organizing phase of the new business and its first month of? operation,

MarchMarch

20182018.

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.

Mar.Mar.???1		Sold personal investment in Amazon? stock, which she had owned for several? years, receiving $ 33 comma 000$33,000 cash.
2		Deposited the $ 33 comma 000$33,000 cash from the sale of the Amazon stock in her personal bank account.
3		Deposited $ 60 comma 000$60,000 cash in a new business bank account titled AvaAva PetrilloPetrillo?, Attorney. The business issued common stock to PetrilloPetrillo.
5		Paid $ 450$450 cash for ink cartridges for the printer.
7		Purchased computer for the law? office, agreeing to pay the? account, $ 7 comma 000$7,000?, within three months.
9		Received $ 3 comma 100$3,100 cash from customers for services rendered.
15		Received bill from The Lawyer for magazine? subscription, $ 200$200. ?(Use Miscellaneous Expense? account.)
23		Finished court hearings on behalf of a client and submitted a bill for legal? services, $ 12 comma 000$12,000?, on account.
28		Paid bill from The Lawyer.
30		Paid? utilities, $ 1 comma 300$1,300.
3131		Received $ 1 comma 000$1,000 cash from clients billed on MarchMarch 23.
3131		Cash dividends of $ 3 comma 000$3,000 were paid to stockholders.

Analyze the effects of the preceding events on the accounting equation of

AvaAva

PetrilloPetrillo?,

Attorney.

Prepare the following financial? statements:

a. Income statement.

b. Statement of retained earnings.

c. Balance sheet.

d. Statement of cash flows.

Requirement 1. Analyze the effects of the preceding events on the accounting equation of

AvaAva

PetrilloPetrillo?,

Attorney.Analyze the events? chronologically, one transaction at a time. Beginning with the transaction on the? 2nd, calculate the balance in each account after analyzing the effect of the transaction on the accounting equation. After calculating the ending balance of each account on the

3131?st,

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? "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. Cap.? = Contributed? Capital; Div.? = Dividends; Comp.? = Computer; Exp.? = Expense; Liab.? = Liabilities; Misc.? = Miscellaneous; Rev.? = Revenue; Sup.? = Supplies; Util.? = Utilities.)

ASSETS

LIAB.

EQUITY