David Lebwith recently opens his own law office, which he operates as a sole proprietorship. The name of the new entity is Lebwith & Lebwith Law, PC.

Lebwith & Lebwith Law experienced the following events/transactions during the organizing phase of the new business and its first month of operation, December 31, 2019. These events/transactions were business transaction and should be accounted for by the business.

Use the attached Excel Sheet labeled transaction Analysis.

12/1Deposited $75,000.00 cash in a new business bank account titled Lebwith & Lebwith Law. The business gave capital to Lebwith.

12/5Paid $1,200.00 cash for ink cartridges (office Supplies) for the printer.

12/7Purchased computer equipment for the office costing $6,500.00 agreed to pay within thirty (30) days

12/9Received $8,000 cash from customers for legal services rendered.

12/15Received bill for magazine subscription from the " The Lawyer", $500. (Use Dues & Subscriptions expense)

12/23Completed court hearings on behalf of a client and submitted a bill for legal services, $17,000, on account.

12/28Paid bill from The Lawyer for the transaction recorded on 12/15

12/29Paid Office Rent in the amount of $2,000.00

12/30Paid utilities, $900.00

12/31Received $12,000 cash from the client billed on December 23.

12/31Lebwith withdrew cash $8,000.00

Requirements:

1-Analyze the effects of the preceding events on the accounting equation of Jen.Using the excel Worksheet provided.Remember to label the transactions (eg. Rent Expense, Office Supplies...) on the excel Sheet

2-Calculate Total Assets, Total Liabilities and Owner's Equity.