Part A. Ed Arnold started a personal financial planning business when he accepted $61,000 cash as advance payment for managing the financial assets of a large estate. Arnold agreed to manage the estate for a one-year period beginning May 1, 2014. Required a. Show the effects of the advance payment and revenue recognition on the 2014 financial statements using a horizontal statements model given below. In the Cash Flows column, use OA to designate operating activity, IA for investing activity, FA for financing activity, NC for net change in cash and NA if the account is not affected. (Do not round intermediate calculations and round your final answers to nearest whole number. Enter any decreases to account balances and cash outflows with a minus sign.)

Susans Consulting experienced the following transactions for 2014, its first year of operations. Assume that all transactions involve the receipt or payment of cash.

Part B .Transactions for 2014

1.	Acquired $60,000 by issuing common stock.
2.	Received $125,000 cash for providing services to customers.
3.	Borrowed $21,000 cash from creditors.
4.	Paid expenses amounting to $58,000.
5.	Purchased land for $35,000 cash.

Required
a.	Record the effects of each accounting event under the appropriate headings for 2014. Record the amounts of revenue, expense, and dividends in the Retained Earnings column. Provide appropriate titles for these accounts in the last column of the table. (Enter any decreases to account balances with a minus sign. Select "NA" if there is no effect on the "Account Titles for Retained Earnings".