More Info Apr. 5 Sheen deposited $85,000 in a new business bank account titled Andre Sheen, CPA. The business issued common stock to Sheen. 6 Paid $350 cash for letterhead stationery for new office. 7 Purchased office furniture for the office on account, $6,800. 10 Consulted with tax client and received $1,500 for services rendered. 11 Paid utilities, $150. 12 Finished tax hearings on behalf of a client and submitted a bill for accounting services, $10,000. 18 Paid office rent, $1,400. 25 Received amount due from client that was billed on April 12. 27 Paid full amount of accounts payable created on April 7. 30 Cash dividends of $1,000 were paid to stockholders. Andre Sheen recently opened his own accounting firm on April 1, which he operates as a corporation. The name of the new entity is Andre Sheen, CPA. Sheen experienced the following events during the organizing phase of the new business and its first month of operations in 2018: (Click the icon to view the transactions.) Read the requirements. Analyze the events chronologically, one transaction at a time, beginning with the transaction on the 5th. For each transaction that follows the transaction on the 5th, calculate the balance in each account after 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 “Bal.” line, including zero balance accounts, entering a “0” for any zero balances. Enter a decrease in an account with a minus sign or parentheses. Abbreviations used: A/P = Accounts Payable; A/R = Accounts Receivable; Com. = Common; Contr. = Contributed; Div. = Dividends; Exp. = Expense; Furn. = Furniture; Liab = Liabilities; Rev. = Revenue; Sup. = Supplies; Util. = Utilities.) ASSETS = LIAB. EQUITY Contr. Cap. + Com. Stock Cash + A/R + Furn. = A/P + . Div. + Office Sup. Retained Earnings + Service – Rent Rev. Exp. – Util. Exp.
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