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 The business purchased office furniture for the office on account for $7,000, promising to pay within six months. 10 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 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 29 business. 31 The business performed an audit for a client and submitted the bill for services, $10,000. The business expected to clyect from this client within two we Conlin withdrew $3,000 cash from the business. Requirement 2. Analyze the effects of the events on the accounting equation of the business. 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 The business purchased office furniture for the office on account for $7,000, promising to pay within six months. 10 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 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 29 business. 31 The business performed an audit for a client and submitted the bill for services, $10,000. The business expected to clyect from this client within two we Conlin withdrew $3,000 cash from the business. Requirement 2. Analyze the effects of the events on the accounting equation of the business