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Problem 1-2A lawyer and partner in a large firm, a partnership, for five years after university. Recently, he resigned his position to open his own legal prac- Entity concept, transaction analysis, accounting equation Jon Conlin was a graduating from e, which he operates as a proprietorship. The name of the new company is Conlin & Associates 2 Total assets $61,000 Conlin recorded the following events during the organizing phase of his new busi- ness and its first month of operations. Some of the events were personal and did not affect the legal practice. Others were business transactions and should be accounted for by the business. Jul. 4 Conlin received $100,000 cash from his former partners in the firm from which he resigned. Conlin invested $50,000 cash in his business, Conlin & Associates. The business paid office rent expense for the month of July, $3,000. The business paid $1,000 cash for letterhead stationery for the office. The business purchased office furniture on account for $7,000, promising to pay within six months. Conlin sold 2,000 shares of Royal Bank stock, which he had owned for several years, receiving $25,000 cash from his stockbroker. Conlin deposited the $25,000 cash from sale of the Royal Bank shares in his personal bank account. A representative of a large construction company telephoned Conlin and told him of the company's intention to transfer its legal business to Conlin & -5 6 7 10 11 12 Associates. The business provided legal services for a client and submitted the bill for services, $10,000. The business expected to collect from this client within two 29 weeks. Conlin withdrew $3,000 cash from the business 31 Required 1. Classify each of the preceding events as one of the following (list each date, then choose a, b, or c) a. A business transaction to be accounted for by the business, Conlin & Associates. b. A business-related event but not a transaction to be accounted for by Conlin & Associates. c. A personal transaction not to be accounted for by Conlin & Associates. 2. Analyze the effects of the above events on the accounting equation of Conlin & Associates. Use a format similar to Exhibit 1-11, Panel B, on page 20. Llem 1-3A