For the transactions below, Record the transactions and the balance after each transaction. Identify the account affected when the transaction involves revenues or expenses.

A. On November 1st 2016, Carolyn Wells formed a new business and deposited $120,000 into the business which is called the Carolyn Wells, CPA (sole proprietor structure): cash as an assets increase, owner equity increase.

B. The company purchased some office furniture for $20,000 by paying cash: furniture as assets increase, cash as asset decrease.

C. It also purchased a business car for $25,000 by paying $10,000 cash and getting a loan from a local bank for $15,000 for 15 years: car as asset increase, cash as asset decrease, liability increase.

D. Paid office rent of $1000 cash for the current month: assets and owners equity: cash as asset decrease, owner equity decrease.

E. Prepared a tax-return and billed a client $500 for the services provided. Client will pay in the next 30 days: account receivable as asset increase, and owners equity increase.

F. Purchased insurance to protect the business and the business car in the amount of $2400 for 12 months. The company paid it with the company check 502: bank as asset decrease, and prepaid insurance as asset increase.