Frank Petronick decided to start an accounting practice after graduation from college. The following is a list of events that occurred concerning Franks practice.

1. After shopping around, Frank found an office to lease and signed a lease agreement. The lease calls for a payment of $1,110 rent per month. 2. Frank borrowed $2,745 from his grandmother so that he could buy some office furniture for his new office. 3. Frank deposits the $2,745 plus $1,175 of his own cash in a new bank account at BMO under the name Petronick Accounting Services. 4. Paid the landlord the first months rent. 5. Purchased office furniture for $2,500 on account. 6. Moved into the office and obtained the first assignment from a client to prepare year end financial statements for $1,570. 7. Performed the work on the assignment and sent an invoice to the customer for $1,570. 8. Paid half of the amount of the purchase of office furniture. 9. Purchased office supplies on account for $450. 10. Paid for Internet services $44 cash. 11. Collected half of the earlier billing to the customer. 12. Frank withdrew $448 cash from the business for personal expenses.