+ Ch 1 Homework Assignment Question 2 of 8 - / 10 View Policies Current Attempt in Progress Bonita Petronick decided to start an accounting practice after graduation from university. The following is a list of events that occurred concerning Bonita's practice. 1. 2. 3. 4. 5. After shopping around, Bonita found an office to lease and signed a lease agreement. The lease calls for a payment of $880 rent per month. Bonita borrowed $3,520 from his grandmother so that he could buy some office furniture for his new office. Bonita deposited the $3,520 plus $440 of his own cash in a new bank account at BMO under the name Petronick Accounting Services Paid the landlord the first month's rent. Purchased office furniture for $2,905 on account. Moved into the office and obtained the first assignment from a client to prepare year-end financial statements for $1,760. Performed the work on the assignment and sent an invoice to the customer for $1,760. Paid half of the amount of the purchase of office furniture. Purchased office supplies on account for $265. Paid $45 cash for Internet services. Collected half of the amount owing from the customer referred to in #7. Bonita withdrew cash from the business of $130 for personal expenses. 6. 7. 8. 9. 10. 11. 12. Using the above table, indicate the effects of each of these events on the accounting equation. If an event is not a business transaction, or if an element is not affected, enter No Effect. If an element has both an increase and a decrease, select Increase and Decrease. Event Asset Liability Owner's Equity 1. + Ch 1 Homework Assignment Question 2 of 8 - / 10 and Decrease. Event Asset Liability Owner's Equity 1. > 3. 8. 9. 10. 11. 12.