Feldstein and Partners (Feldstein) is a firm of accountants. Set up an accounting equation spreadsheet and enter each of the following independent economic events into the spreadsheet:
a. Feldstein completed an engagement for a client and sent an invoice for $5,000. The client is required to pay within 30 days.
b. Feldstein exchanges real estate owned by the partnership for a building. The real estate and building are each worth $425,000.
c. Feldstein pays $2,500 owed to a supplier of stationery.
d. Feldstein admitted a new partner to the partnership. The new partner paid $50,000 for an ownership interest.
e. Feldstein borrows $18,000 from the bank.
f. During the month, Feldstein’s employees earned $25,000 in salaries and wages. The amount owing will be paid early next month.
g. Feldstein hires a new accountant for the upcoming busy season. The new person will join the firm in two weeks.
h. Feldstein receives a $7,000 deposit from a client for services that will be provided next year.
i. Feldstein collects $3,700 owed by a client.
j. Feldstein donates $1,500 to a local charity.