Jess Judge, CPA, was an accountant and a partner in a large firm. Recently he resigned his position to open his own accounting business, which he operates as a proprietorship. The following events took place during the organizing phase of his new business and its first month of operations: (Click the icon to view the transactions.) Required Required Requirem a. A busin 1. Classify each of the preceding events as one of the following (choose a b. or c). b. A busin c. A perso 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 the business at this time. c. A personal transaction not to be accounted for by the business. Mar. 4 2. Analyze the effects of the above events on the accounting equation of the business 5 - X Requirement 1. Classity each of the events as one of the following: (lype a, b, or c for each event.) 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 the business at this time. c. A personal transaction not to be accounted for by the business. Mar. 4 LO 5 Judge received $160,000 cash from his former partners in the firm from which he resigned. Judge invested $110,000 cash in his business 5 The business paid office rent expense for the month of March, $3,800. 6 LO The business paid $1,200 cash for letterhead stationery for the office. 7 The business purchased office furniture for the office on account for $7,000, promising to pay within six months. 10 Judge sold 2,000 shares of Royal Bank stock, which he had owned for several years. receiving $35,000 cash from his stockbroker 11 Judge deposited the $35,000 cash from sale of the Royal Bank shares in his personal bank account. 12 29 31 A representative of a large construction company telephoned Judge and told him of the company's intention to transfer its accounting work to Judge's business. The business performed an audit for a client and submitted the bill for services, $10,000. The business expected to collect from this client withi two weeks. Judge withdrew $4,200 cash from the business