hley trial for 3. Compute the balance in each account. P2-63A. (Learning Objectives 1, 2, 3: Analyzing transactions; understanding how account- ing works; journalizing transactions) Demers Real Estate Co. experienced the following events during the organizing phase and its first month of operations. Some of the events were personal for the shareholders and did not affect the business. Others were transactions of the business. STAEDTLER Mars plastic zury ow tion BY ained nings 400 Nov 4 David Demers, the major shareholder of a real estate company, received $75,000 cash from an inheritance 5 Demers deposited $45,000 cash in a new husness bank accoun titled Demers Real Estate Co. The beainess issund ordinary shares to Demers 6 7 The business paid $700 cash for leerhead stationery for the The business purchased office equipment. The company paid cash of $11,000 and agreed to pay the account payable for the mainder, $7,000, within three months 10 Demers sold EVN shares, which he had owned for several rear, receiving $74,500 cash from his snackbioker 11 12 18 21 Demers deposited the $74,500 cash from sale of the EVN shares in his personal bank account. A representative of a large company selephoned Demers and told him of the company's intention to transler $16,000 of business to Demers Demers finished a real estate deal for a client and submitted his bill for services, $4,000, Demers expects to collect from the cbent within two weeks. The business paid half its account payable on the equipment purchased on November 7,1 The busines paid office rent of $1,500, 25 30 The business declared and paid a cash dividend of $2,100 17,000 Ft 800 Wild 700 -Shon 866p Requirements 1. Classify each of the preceding events as one of the following: a. A business-related event but not a transaction to be recorded by Demers Real Estate Co. b. A business transaction for a shareholder, not to be recorded by Demers Real Estate Co. c. A business transaction to be recorded by Demers Real Estate Co. 2. Analyze the effects of the preceding events on the accounting equation of Demers Real Estate Co. 3. Record the transactions of the business in its journal. Include an explanation for each entry. Requirements 1. Recoed och macion required 2. Post the tramaction b the ending balance of en 3. Prepare the trial balanc the current year 4. The manager asks you much it owes, and whe