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P1-52B (similar to) Question Help Alec Sharma recently opened his own accounting firm, which he operates as a sole proprietorship The name of the new entity is Alec Sharma, CPA. Sharma experienced the following events during the organizing phase of the new business and its first month of operations in 2016 Click the icon to view the transactions) Read the requirements Requirement 1. Analyze the effects of the events on the accounting equation of the sole proprietorship of Alec Sharma, CPA Analyze the events chronologically one transaction at a time. Beginning with the transaction on the 6th, calculate the balance in each account afer analyzing the effect of the transaction on the accounting equation. Ahor calculating the ending balance of each account on the 29. calculate total assets and total abilities and equity (Complete only the necessary awer boxes for your transaction lines a box is not used in the table leave the box emply do not enter a zero for the transactions Curry down all balances to the Badline, including zero balance accounts, entering for any zero balances Enter a decrease in an account with a mission or parentheses Abbreviations used AP - Accounts Payable, AR Accounts Receivable, Cap - Sharma, Capital, Exp. Expense Fun Furniture Labit Rev Revenue, Sup Supplies, Ust site Withdr-Shama Withdrawal ASSETS LIAB EQUITY Cash AR + Office + Furn Cap With + Service - Rent - US Sup Exp 215 - Exp Enter any number in the teles and then chox Check Answer 13 Check Answer perates as a sole proprietorship. The name of the new entity is Alec Sharma, CPA. Sharma experienced th i More Info - ng inn sets he ES ffect of the n lines. [ ease in a Supplies; Feb. 5 Sharma deposited $50,000 in a new business bank account titled Alec Sharma, CPA. The business gave capital to Sharma. 6 Paid $250 cash for letterhead stationery for new office. 7 Purchased office furniture for the office on ahcount, $9.900. 10 Consulted with tax client and received $3,800 for services rendered. 11 Paid utilities, $300. 12 Finished tax hearings on behalf of a client and submitted a bill for accounting services, $16,000. 18 Paid office rent, $1.700. 25 Received amount due from client that was billed on February 12 27 Paid full amount of accounts payable created on February 7 29 Sharma withdrew $1,000. Print Done Clear All