Score: 0 of 15 pts 12 of 12 (11 completely HW Score: 63.98%, 63.98 of 100 pts P1-45A (similar to) Question Help Abraham Shelton recently opened his own according firm on April 1, which he operates as a sole proprietorship. The name of the new entity in Abraham Sholion, CPA, Shelton experienced the following events during the organizing phase of the new business and its first month of operations in 2018: Click the loon to view the transactions) Read the sirements Requirement 1. Analyze the effects of the events on the accounting equation of the sole proprietorship of Abraham Shelton, CPA Aralyze the events chronologically, one transaction at a time, beginning with the transaction on the 5th. For each transaction that follows the transaction on the hote the balance in each account ater analyzing its effect on the accounting equation. After calculating the ending balance of each account on the 30th, 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.] Carry down all balances to the "Balline, including zero balance accounts, entering av for any zero balances Enter a decrease in an account with a minus signor parentheses Abbreviations used: AJP Accounts Payables AR - Accounts Receivable Cap. - Shelton, Capital; Exp. - Expense Fum - Furniture, Liab. - Labte Rex Revenue Sup. Supplies USU With Shelton Withdrawal ASSETS LIAB EQUITY Cash AR + Oce + Fum AP Cap . Withe + Service Rent UI Rev. Sup Exp . Exp 4/5 Enter any number in the edit fields and then click Check Answer Requirements ing ginni each Bal. elton 1. Analyze the effects of the events on the accounting equation of Abraham Shelton, CPA 2. Prepare the following financial statements: a. Income statement. b. Statement of owner's equity. c. Balance sheet. B. Print Done i More Info - Apr. 5 Shelton deposited $40,000 in a new business bank account titled Abraham Shelton, CPA. The business gave capital to Shelton. 6 Paid $350 cash for letterhead stationery for new office. 7 Purchased office furniture for the office on account, $6,000. 10 Consulted with tax client and received $2,800 for services rendered. 11 Paid utilities, $400. 12 Finished tax hearings on behalf of a client and submitted a bill for accounting services, $9,000. 18 Paid office rent, $1,000. 25 Received amount due from client that was billed on April 12. 27 Paid full amount of accounts payable created on April 7. 30 Shelton withdrew cash of $4,000. Print Done