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 $1,104 rent per month.
2.		Coronado borrowed $4,416 from his grandmother to buy some office furniture for his new office.
3.		Coronado deposited the $4,416 plus $552 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 $3,647 on account.
6.		Moved into the office and obtained the first assignment from a client to prepare year-end financial statements for $2,208.
7.		Performed the work on the assignment and sent an invoice to the customer for $2,208.
8.		Paid half of the amount of the purchase of office furniture.
9.		Purchased office supplies on account for $335.
10.		Paid $59 cash for internet services.
11.		Collected half of the amount owing from the customer referred to in #7.
12.		Coronado withdrew $158 cash from the business of for personal expenses.

Using the table below, 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		Assets		Liability		Owner's Equity
1.		select an effect DecreaseIncreaseNo EffectIncrease and Decrease		select an effect Increase and DecreaseNo EffectIncreaseDecrease		select an effect Increase and DecreaseDecreaseNo EffectIncrease
2.		select an effect IncreaseNo EffectIncrease and DecreaseDecrease		select an effect DecreaseIncreaseNo EffectIncrease and Decrease		select an effect DecreaseNo EffectIncreaseIncrease and Decrease
3.		select an effect IncreaseDecreaseNo EffectIncrease and Decrease		select an effect Increase and DecreaseIncreaseNo EffectDecrease		select an effect No EffectIncrease and DecreaseIncreaseDecrease
4.		select an effect No EffectDecreaseIncrease and DecreaseIncrease		select an effect IncreaseIncrease and DecreaseDecreaseNo Effect		select an effect No EffectIncreaseIncrease and DecreaseDecrease
5.		select an effect DecreaseIncreaseNo EffectIncrease and Decrease		select an effect Increase and DecreaseNo EffectIncreaseDecrease		select an effect No EffectIncrease and DecreaseDecreaseIncrease
6.		select an effect Increase and DecreaseDecreaseIncreaseNo Effect		select an effect DecreaseIncreaseNo EffectIncrease and Decrease		select an effect DecreaseNo EffectIncrease and DecreaseIncrease
7.		select an effect No EffectIncreaseIncrease and DecreaseDecrease		select an effect Increase and DecreaseNo EffectIncreaseDecrease		select an effect IncreaseIncrease and DecreaseDecreaseNo Effect
8.		select an effect No EffectIncrease and DecreaseDecreaseIncrease		select an effect DecreaseNo EffectIncrease and DecreaseIncrease		select an effect No EffectIncreaseIncrease and DecreaseDecrease
9.		select an effect IncreaseDecreaseIncrease and DecreaseNo Effect		select an effect DecreaseIncreaseNo EffectIncrease and Decrease		select an effect IncreaseDecreaseIncrease and DecreaseNo Effect
10.		select an effect No EffectDecreaseIncrease and DecreaseIncrease		select an effect No EffectDecreaseIncrease and DecreaseIncrease		select an effect IncreaseNo EffectIncrease and DecreaseDecrease
11.		select an effect No EffectIncrease and DecreaseDecreaseIncrease		select an effect DecreaseIncreaseIncrease and DecreaseNo Effect		select an effect Increase and DecreaseDecreaseNo EffectIncrease
12.		select an effect IncreaseDecreaseIncrease and DecreaseNo Effect		select an effect DecreaseNo EffectIncrease and DecreaseIncrease		select an effect IncreaseDecreaseNo EffectIncrease and Decrease

 

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