Reference no: EM133106147
Question - Frank Petronick decided to start an accounting practice after graduation from university. The following is a list of events that occurred concerning Frank's practice during June 2021, the first month of operations.
June 1 After shopping around, Frank found an office to lease and signed a lease agreement. The lease calls for a payment of $1,042 rent per month.
June 4 Borrowed $3,838 from his grandmother so that he could buy some office furniture for his new office.
June 4 Deposited the $3,838 plus $534 of his own cash in a new bank account at BMO under the name Petronick Accounting Services.
June 6 Paid the landlord the first month's rent.
June 8 Purchased furniture for $3,270 on account.
June 11 Moved into the office and obtained the first assignment from a client to prepare year-end financial statements for $1,863.
June 15 Performed the work on the assignment and sent an invoice to the customer for $1,863.
June 15 Paid half of the amount of the purchase of furniture.
June 18 Purchased supplies on account for $342.
June 26 Paid for Internet services, $49 cash.
June 28 Collected $906 of the June 15 billing to the customer.
June 30 Withdrew cash from the business of $119 for personal expenses.
Required - Prepare a tabular analysis of the effects of the above transactions on the accounting equation.
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