recently opened her own law office on 1, which she operates as a sole proprietorship. The name of the new entity is , Attorney. experienced the following events during the organizing phase of the new business and its first month of operation, . Some of the events were personal and did not affect the law practice. Others were business transactions and should be accounted for by the business. LOADING...(Click the icon to view the transactions.) Read the requirementsLOADING.... Question content area bottom Part 1 Requirement 1. Analyze the effects of the preceding events on the accounting equation of , Attorney. Analyze the events chronologically, one transaction at a time, beginning with the transaction on the 1st. For each transaction that follows the transaction on the 2nd, calculate the balance in each account after analyzing its effect on the accounting equation. After calculating the ending balance of each account on the st, calculate total assets and total liabilities and equity. (Complete only the necessary answer boxes for your transaction lines. [Do not enter any zeros for your transaction lines.] If a transaction is personal and does not affect the business, leave the transaction line blank. Carry down all balances to the "Bal." line, including zero balance accounts, entering a "0" for any zero balances. Enter a decrease in an account with a minus sign or parentheses. Abbreviations used: A/P = Accounts Payable; A/R = Accounts Receivable; Cap. = , Capital; Comp. = Computer; Exp. = Expense; Liab. = Liabilities; Misc. = Miscellaneous; Rev. = Revenue; Sup. = Supplies; Util. = Utilities; Withdr. = , Withdrawals.) ASSETS = LIAB. + EQUITY Cash + A/R + Office + Comp. = A/P + Cap. - Withdr. + Service - Util. - Misc. Sup. Rev. Exp. Exp. 3/1 + + + = + - + - - 3/2 + + + = + - + - - Bal. 0 + 0 + 0 + 0 = 0 + 0 - 0 + 0 - 0 - 0 Part 2 3/3 90000 + + + = + 90000 - + - - Bal. 90000 + 0 + 0 + 0 = 0 + 90000 - 0 + 0 - 0 - 0 Part 3 3/5 300 + + + 300 = + - + - - Bal. 87000 + 0 + 0 + 300 = + 9000 - 0 + 0 - 0 - 0 Part 4 3/7 + + + 7500 = 7500 + - + - - Bal. 87000 + 0 + 0 + 7800 = 7500 + 90000 - 0 + - - Part 5 3/9 3300 + + + = + - + 3300 - - Bal. 12000 + 0 0 + 7800 = 7500 + 90000 - 0 + 3300 - 0 - 0 Part 6 3/15 + + + = 340 + - + - - 340 Bal. 12000 + 0 + 0 + 7800 = 7840 + 90000 - 0 + 3300 - 0 - 340 Part 7 3/23 + 9000 + + = + - + 9000 - - Bal. 12000 + 9000 + 0 + 7800 = 7840 + 9000 - 0 + 12300 - 0 - 340 Part 8 3/28 340 + + + = 340 + - + - - Bal. 11660 + 9000 + 0 + 7800 = 7540 + 99000 - 0 + 12300 - 0 - 340 Part 9 3/30 920 + + + = + - + - 920 - Bal. 10740 + 9000 + 0 + 7800 = 7540 + 99000 - 0 + 12300 - 920 - 340 Part 10 3/31 4000 + 4000 + + = + - + - - Bal. 14740 + 5000 + 0 + 7800 = 7540 + 99000 - 0 + 12300 - 920 - 340 Part 11 3/31 3000 + + + = + - 3000 + - - Bal. 11740 + 5000 + 0 + 7800 = 7540 + 99000 - 3000 + 12300 - 920 - 340 Part 12 Tot. 24540 = 17940 Part 13 Requirement 2. Prepare the financial statements. a. Income statement for the month ended , . (If a box is not used in the table leave the box empty; do not select a label or enter a zero.) Review the ending balances of the accounts from Requirement 1.LOADING... Angela Philips, Attorney Income Statement Month Ended March 31, 2024 Revenues: Service Revenue 12300 Expenses: Office Supplies 300 Utilities Expense 920 Miscellaneous Expense 340 Total Expenses 1560 Net Income 10740 Part 14 b. Statement of owner's equity for the month ended , . Enter any increases in capital prior to the subtotal and any decreases to capital below the subtotal. (Enter a "0" for any zero balances.) Review the ending balances of the accounts from Requirement 1.LOADING... Statement of Owner's Equity Income Statement Month Ended March 31, 2024 Philips, Capital, March 1, 2024 0 Owner contribution 90000 Net income for the month 10740 100740 Owner withdrawal 3000 Philips, Capital, March 31, 2024 97740 Part 15 c. Balance sheet as of , . (If a box is not used in the table leave the box empty; do not select a label or enter a zero.) Review the ending balances of the accounts from Requirement 1.LOADING... Angela Philips, Attorney Balance Sheet March 31, 2024 Assets Liabilities Cash 11740 Accounts Payable 7540 Accounts Receivable 5000 Computer 7800 Owner's Equity Philips, Capital 96000 Total Assets 24540 Total Liabilities and Owner's Equity 24540 Part 16 d. Statement of cash flows for the month ended , . Complete the statement one section at a time, beginning with the heading and cash flows from operating activities. (Use a minus sign or parentheses for amounts that result in a decrease in cash. If a box is not used in the table leave the box empty; do not select a label or enter a zero. Complete all answer boxes for subtotals and the final cash section, though. Enter a "0" for any zero subtotal or cash balance.) Mar. 1 Sold personal investment in Amazon stock, which she had owned for several years, receiving $31,000 cash. Mar. 2 Deposited the $31,000 cash from the sale of the Amazon stock in her personal bank account. Mar. 3 Deposited $90,000 cash in a new business bank account titled Angela Philips, Attorney. The business gave capital to Philips. Mar. 5 Paid $300 cash for ink cartridges for the printer. Mar. 7 Purchased computer for the law office, agreeing to pay the account, $7,500, within three months. Mar. 9 Received $3,300 cash from customers for services rendered. Mar. 15 Received bill from The Lawyer for magazine subscription, $340. (Use Miscellaneous Expense account.) Mar. 23 Finished court hearings on behalf of a client and submitted a bill for legal services, $9,000, on account. Mar. 28 Paid bill from The Lawyer. Mar. 30 Paid utilities, $920. Mar. 31 Received $4,000 cash from clients billed on March 23. Mar. 31 Philips withdrew cash of $3,000