Coronado Petronick decided to start an accounting practice after graduation from university. The following is a list of events that occurred concerning Coronado's practice. 1. After shopping around, Coronado found an office to lease and signed a lease agreement. The lease calls for a payment of $896 rent per month 2. Coronado borrowed $3.584 from his grandmother so that he could buy some office furniture for his new office 3. Coronado deposited the $3,584 plus $448 of his own cash in a new bank account at BMO under the name Petronick Accounting Services. 4 Paid the landlord the first month's rent. 5. Purchased office furniture for $2.958 on account. 6. Moved into the office and obtained the first assignment from a client to prepare year-end financial statements for $1,792 7. Performed the work on the assignment and sent an invoice to the customer for $1,792 8. Paid half of the amount of the purchase of office furniture. 9. Purchased office supplies on account for $270. 10. Paid $46 cash for Internet services 11. Collected half of the amount owing from the customer referred to in #7 12 Coronado withdrew cash from the business of $132 for personal expenses