uveh ber 30, 2018 Assets Liabilities Cash Office Supplies Land Salaries Expense Office Furniture Notes Payable Rent Expense 4,600 Accounts Receivable 600 Tarrant, Withdrawals 34,100 Service Revenue 2,7001 Property Tax Expense 5,800 Accounts Payable 24,600 2,000 11,000 35,000 3,000 2,700 450 Owner's Equity Tarrant, Capital $ 72,850 Total Liabilities 19,150 72,850 Total Assets P1-45A Using the accounting equation for transaction analysis and preparing financial statements Allen Shonton recently opened his own as a sole proprietorship. The name of the new entity is Allen Shonton, CPA. Shonton experienced the following events during the organizing phase of the new business and its first month of operations in 2018: accounting firm on April 1, which he operates 2b. Ending c Shonton deposited $75,000 in a new business bank account titled Aller Shonton, CPA. The business gave capital to Shonton. Paid $300 cash for letterhead stationery for new office. Apr. 5 6 7 Purchased office furniture for the office on account, $9,500. 10 Consulted with tax client and received $4,000 for services rendered. 11 Paid utilities, $190. 12 Finished tax hearings on behalf of a client and submitted a bill for accounting services, $20,000. 18 Paid office rent, $750 25 Received amount due from client that was billed on April 12. 27 Paid full amount of accounts payable created on April 7 30 Shonton withdrew cash of $3,500. Requirements 1. Analyze the effects of the events on the accounting equation of Allen Shonton, CPA. Use a format similar to Exhibit 1-5 2. Prepare the following financial statements: a. Income statement. b. Statement of owner's equity c. Balance sheet