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NEED ASAP Frank Petronick decided to start an accounting practice after graduation from university. The following is a list of events that occurred concerning Frank's
NEED ASAP Frank Petronick decided to start an accounting practice after graduation from university. The following is a list of events that occurred concerning Frank's practice during June 2021, the first month of operations. June 1 4 4 6 00 11 After shopping around, Frank found an office to lease and signed a lease agreement. The lease calls for a payment of $1.065 rent per month Borrowed $3,859 from his grandmother so that he could buy some office furniture for his new office. Deposited the $3,859 plus $545 of his own cash in a new bank account at BMO under the name Petronick Accounting Services Paid the landlord the first month's rent. Purchased furniture for $3,250 on account. Moved into the office and obtained the first assignment from a client to prepare year-end financial statements for $1,856 Performed the work on the assignment and sent an invoice to the customer for $1.856. Paid half of the amount of the purchase of furniture Purchased supplies on account for $343. Paid for Internet services $57 cash. Collected $895 of the June 15 billing to the customer Withdrew cash from the business of $131 for personal expenses. 15 15 18 26 28 30 Prepare a tabular analysis of the effects of the above transactions on the accounting equation. Of a transaction causes a decrease in Assets, Liabilities or Owner's Equity, place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 1-13 for example. Record entries in the order presented in the problem) Assets Transaction Cash Accounts Receivable Supplies June 1 $ 4 8 11 6 8 11 15 15 18 26 28 30 Total $ $
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