accounting cycle. The Continuing Problem Phoblem Pl-54 is the first problem in a sequence oule is continued in Chaper 2 and 5. assets (ROA) PI-54 Using the accounting equation for transactions starements, and calculating return on Danicls December 2016 Consulting began operations and Dec 2 Daniels conmibuted $20000 cash in exchange for capital 2 Paid monthly office rent $2,000 3 Paid cash for for five years a computer 53.600. This equipment is expected to 4 Purchased office furniture on account $3,000 The furniture should last for five 5 Purchased office supplies on account 5800 9 Performed consulting senvice for a client on account $2.500 12 Paid utilibies expenses, 5150 18 Performed service for a client and received cash of $2,100 21 Received S2400 in advance for cient senvice to be performed in the future. (Thi increses the Unearned Revenue account, which is a lability. This account will be explained in more detail in Chapter 2) 21 Hired an administrative assistant to be paid $2,055 on the 20th day of each 26 Paid $200 on account 28 Collected $400 on account The secretary begins work immediately month 30 Daniels withdrew $1,000 Requirements accounting cycle. The Continuing Problem Phoblem Pl-54 is the first problem in a sequence oule is continued in Chaper 2 and 5. assets (ROA) PI-54 Using the accounting equation for transactions starements, and calculating return on Danicls December 2016 Consulting began operations and Dec 2 Daniels conmibuted $20000 cash in exchange for capital 2 Paid monthly office rent $2,000 3 Paid cash for for five years a computer 53.600. This equipment is expected to 4 Purchased office furniture on account $3,000 The furniture should last for five 5 Purchased office supplies on account 5800 9 Performed consulting senvice for a client on account $2.500 12 Paid utilibies expenses, 5150 18 Performed service for a client and received cash of $2,100 21 Received S2400 in advance for cient senvice to be performed in the future. (Thi increses the Unearned Revenue account, which is a lability. This account will be explained in more detail in Chapter 2) 21 Hired an administrative assistant to be paid $2,055 on the 20th day of each 26 Paid $200 on account 28 Collected $400 on account The secretary begins work immediately month 30 Daniels withdrew $1,000 Requirements