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i need help guys a P1-2B Linda Horowitz is an architect and was a partner with a large firm, a partnership, for 10 years after
i need help guys
a P1-2B Linda Horowitz is an architect and was a partner with a large firm, a partnership, for 10 years after graduating from university. Recently she resigned her position to open her own architecture office, which she operates as a proprietorship. The name of the new entity is Horowitz Design. The following events occurred during the organizing phase of her new business and its first month of operations: Jul. 1 Horowitz sold 1,000 shares of Canadian Tire stock, which she had owned for several years, receiving $60,000 cash from her stockbroker. 2 Horowitz deposited the $60,000 cash from the sale of the Canadian Tire shares into her personal bank account. Avantadion on one from her formar 4 a 3 Horowitz received $100,000 cash from her former partners in the architecture firm from which she resigned. 5 Horowitz deposited $80,000 into a bank account in the name of Horowitz Design. 5 Horowitz Design paid office rent for the month of July, $4,000. 6 A representative of a large real estate company telephoned Linda Horowitz and told her of the company's intention to transfer its design business to Horowitz Design. 7 Horowitz Design paid $3,000 cash for office Q AA 7 Horowitz Design paid $3,000 cash for office supplies, including letterhead and stationery. 9 Horowitz Design purchased office furniture on account for $10,000, promising to pay in three months. 23 Horowitz Design finished design work for a client and submitted the bill for design services, $12,000. It expects to collect from this client within one month. 31 Horowitz withdrew $5,000 for personal use. Required 1. Classify each of the preceding events as one of the 47 within one month. 31 Horowitz withdrew $5,000 for personal use. Required 1. Classify each of the preceding events as one of the following list each date and then choose a, b, or c): a. A business transaction to be accounted for by the business. b. A business-related event but not a transaction to be accounted for by Horowitz Design. c. A personal transaction not to be accounted for by the business. 2. Analyze the effects of the above events on the accounting equation of Horowitz Design. Use a format similar to Exhibit 1-110, Panel B, on page 19. 7 Step by Step Solution
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