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BCN recently opened his own accounting firm on April 1 which he operates as a corporation The name of the new entity is BCN CPA.
BCN recently opened his own accounting firm on April 1" which he operates as a corporation The name of the new entity is BCN CPA. He experienced the following events during the organizing phase of the new business and its first month of operations in 2021: April BCN deposited 90,000 in a new business bank account titled BCN CPA. The business issued common stock to BCN. April 6 Paid 360 cash for letterhead stationery for new office April 7 Purchased office furniture for the office an account: 11400 April 10 Consulted with tax client and received 4,800 for services rendered. April 11 Paid utilities: 228 cash April 12 Finished tax hearings on behalf of a client and submitted a bill for accounting services: 24,000 April 18 Paid office rent: 900 cash April 25 Received amount due from client that was billed on April 12th April 27 Paid full amount of accounts payable created on April 7th April 30 Cash dividends of 4,200 were paid to stockholders Requirements: 1. Record the above events respecting the accounting equation. Please use a format like the one provided bek 2. Prepare the following financial statements: Income statement Balance sheet 2 Assets Liabilities Equity Contributed Capital Retained Earnings Date Cash Accounts Receivable Office Supplies + Furniture Accounts payable Common Stock Dividends + Service Revenue - Rent Expense Utilities Expense
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