Shanna Peters worked as an accountant at a local accounting firm for five years after graduating from college. Recently, she opened her own accounting practice, which she operates as a corporation. The name of the new entity is

Peters and Associates, Inc.

Shanna 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.

Enter each transaction in the expanded accounting equation of Peters and Associates, Inc., as needed, calculating new balances after each transaction. (If 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.)

June 3: Received

$70,000 cash proceeds from refinancing her house.

What I entered is incorrect, but I am not sure what I am doing wrong. Would the refinancing of her home be a personal transaction and not count towards the accounting equation?

If that is the case, the next set would be

5	$95,000 of common stock in the business was sold to Shanna PetersThe cash proceeds were deposited in a new business bank account titled Peters and Associates, Inc.