Requirement 2. Analyze the effects of the events on the accounting equation of Gerbing View Estates Lid Enter the transactions in the accounting equation, beginning with Sept 4. For transactions that affect shareholders' equity, select the type of equity transaction. After all transactions have of each account and the total assets and total abilities and shareholders' equity (Use parentheses or a minus sign when decreasing accounts. Only complete the necessary answe Assets Liabilities Shareholders' Equity Accounts Office Accounts Common Retained Type of Equity Receivable - Supplies - Furniture Payable Shares + Earnings Transaction Sep 4 + Choose from any or enter any number in the input fields and then click Check Answer - Transactions ect the bus Sept 4 Don Gerbing, the major shareholder of the company, received $105,000 cash from an inheritance. 5 Gerbing deposited $51,000 cash in a new business bank account titled Gerbing View Estates Ltd. The business issued common shares to Gerbing. 6 The business paid $800 cash for letterhead stationery for the new office. 7 The business purchased office furniture. The company paid cash of $10,500 and agreed to pay the account payable for the remainder, $5,500, within three months. 10 Gerbing sold DLD shares, which he owned for several years, receiving $76,500 cash from his stockbroker. 11 Gerbing deposited the $76,500 cash from the sale of the DLD shares in his personal bank account 12 A representative of a large company telephoned Gerbing and told him of the company's intention to put a down payment of $14,000 on a lot. 18 Gerbing finished a real estate deal on behalf of a client and submitted his bill for services, $5,500 Gerbing expects to collect from this client within two weeks 21 The business paid half its account payable for the furniture purchased on September 7 25 The business paid office rent of $1,200. 30 The business declared and paid a cash dividend of $1,600 sactions have cessary ans Print Done uring the organizing phase and its first month of operations. Some of the ever 0 Required CCOU 1. Classify each of the preceding events as one of the following: a. A business-related event but not a transaction to be recorded by Gerbing View Estates Ltd. b. A personal transaction for a shareholder, not to be recorded by Gerbing View Estates Ltd c. A business transaction to be recorded by Gerbing View Estates Ltd. 2. Analyze the effects of the events on the accounting equation of Gerbing View Estates Ltd. 3. At the end of the first month of operations, Gerbing has a number of questions about the financial standing of the business. Explain the following to him: a. How the business can have more cash than retained earnings b. How much in total resources the business has, how much it owes, and what Gerbing's ownership interest is in the assets of the business, 4. Record the transactions of the business in its journal. Include an explanation for each entry nsact eces 9W sh Offic urnit! Print Done fields