Question Help Jordan Davis worked as an accountant at a local accounting firm for five years after graduating from college. She recently opened her own accounting practice, which she operates as a corporation. The name of the new entity is Davis and Associates, Inc. Jordan experienced the following events during the first month of operations. Some of the events were personal and did not affect the accounting practice. Others were business transactions and should be accounted for by the business (Click the icon to view the events.) Requirement 1. Enter each transaction in the expanded accounting equation of Davis and Associates, Inc., as needed, calculating new balances after each transaction. (1f a box is not used in the transaction, leave the box empty, do not enter a zero. If an event does not affect the accounts of the business, leave the entire transaction line blank. Carry down all balances, including zero balance accounts. Enter decreases with a minus sign or parentheses. Note the following abbreviations used in the accounting equation tables: AR - Accounts receivable, AP Accounts payable, and CS - Common stock.) ? Enter any number in the edit fields and then continue to the next question Next Previous Apr 3: Received $100,000 cash proceeds from refinancing her house. Assets - Liabilities + + Supplies + Furniture = AP Stockholders' equity Retained earnings Cash AR + cs . Enter any number in the edit fields and then continue to the next question Previous Next Read the requirements. Revenue Expense Dividends 3) + + + + Bal + Enter any number in the edit fields and then continue to the next question. * Previous 1 of 4 (0 complete) This More Info Apr 3 Received $100,000 cash proceeds from refinancing her house. 5$95,000 of common stock in the business was sold to Jordan Davis. The cash proceeds were deposited in a new business bank account titled Davis and Associates, Inc. 7 Paid $500 cash for office supplies for the new accounting practice. 9 Purchased $4,700 of office furniture for the accounting practice and agreed to pay the vendor within three months. 10 Jordan sold 400 shares of Honda stock, which she had owned for several years, receiving $4,000 cash. The cash from the sale of stock was deposited in her personal bank account. alandanad laudem udaldha Print Done TH 1 of 4 (0 complete) * More Info $4,000 cash. The cash from the sale of stock was deposited in her personal bank account. 14 A representative of a large company telephoned Jordan and told her of the company's intention to hire Davis and Associates, Inc., as its accountants. 20 Finished accounting work for a client and sent the client a bill for $4,000. The client is expected to pay within two weeks. 27 Paid office rent, $1,200. 29 Paid $2,400 on account from the April 9th transaction. 30 Paid $400 of dividends to shareholders of Davis and Associates, Inc. Print Done
