P1-2A (book/static) Jon Conlin, 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 Requirement 1. Classify each of the events as one of the following: (Type 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. Jul. 4 Conlin received $100,000 cash from his former partners in the firm from which he resigned. 5 Conlin invested $50,000 cash in his business. 5 The business paid office rent expense for the month of July, $3,000. 6 The business paid $1,000 cash for letterhead stationery for the office. 7 110 The business purchased office furniture for the office 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. 11 Conlin deposited the $25,000 cash from sale of the Royal Bank shares in his personal bank account. 12 223 29 31 A representative of a large construction company telephoned Conlin and told him of the company's intention to transfer its accounting work to Conlin'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 within two weeks. Conlin withdrew $3,000 cash from the business