Anastasia Petrone recently opened her own law office on March 1, which she operates as a...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Anastasia Petrone recently opened her own law office on March 1, which she operates as a corporation. The name of the new entity is Anastasia Petrone, Attorney. Petrone experienced the following events during the organizing phase of the new business and its first month of operation, March 2018. Some of the events were personal and did not affect the law practice. Others were business transactions and should be accounted for by the business. (Click the icon to view the transactions.) Read the requirements Requirement 1. Analyze the offects of the preceding events on the accounting equation of Anastasia Petrone, Attorney. Analyze the gvents chronologically, one transaction at a time. Beginning with the transaction on the 2nd, calculate the balance in each account after analyzing the effect of the transaction on the accounting equation. Afler calculating the ending balance of each account on the 31st, calculate total assets and total liabilities and equity. (Complete only the necessary answer boxes for your transaction lines. If a transaction is personal and does not affect the business, leave the transaction line blank. 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 Recoivatile: Com, Common; Contr. Cap, Contributed Capital; Div. Dividends; Comp, Computer: Exp. Expense; Liab. Liabitios: Minc. Miscollaneous; Rev, Revenue; Sup, Supplies: Utl. Utilitios.) ASSETS LIAB. EQUITY Contr. Сар. Retained Earnings Cash A/R + Office + Comp. A/P • Com. Div. • Service - UM. - Misc Sup. Stock Rev. Еxp. Exp 3/1 3/2 Bal, +] ...+ + + + Anastasia Petrone recently opened her own law office on March 1, which she operates as a corporation. The name of the new entity is Anastasia Petrone, Attorney. Petrone experienced the following events during the organizing phase of the new business and its first month of operation, March 2018. Some of the events were personal and did not affect the law practice. Others were business transactions and should be accounted for by the business. (Click the icon to view the transactions.) Read the requirements Requirement 1. Analyze the offects of the preceding events on the accounting equation of Anastasia Petrone, Attorney. Analyze the gvents chronologically, one transaction at a time. Beginning with the transaction on the 2nd, calculate the balance in each account after analyzing the effect of the transaction on the accounting equation. Afler calculating the ending balance of each account on the 31st, calculate total assets and total liabilities and equity. (Complete only the necessary answer boxes for your transaction lines. If a transaction is personal and does not affect the business, leave the transaction line blank. 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 Recoivatile: Com, Common; Contr. Cap, Contributed Capital; Div. Dividends; Comp, Computer: Exp. Expense; Liab. Liabitios: Minc. Miscollaneous; Rev, Revenue; Sup, Supplies: Utl. Utilitios.) ASSETS LIAB. EQUITY Contr. Сар. Retained Earnings Cash A/R + Office + Comp. A/P • Com. Div. • Service - UM. - Misc Sup. Stock Rev. Еxp. Exp 3/1 3/2 Bal, +] ...+ + + +
Expert Answer:
Related Book For
Horngrens Financial and Managerial Accounting The Financial Chapters
ISBN: 978-0134486857
6th edition
Authors: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Posted Date:
Students also viewed these accounting questions
-
Annette Pachelo recently opened her own law office on March 1, which she operates as a corporation. The name of the new entity is Annette Pachelo, Attorney. Pachelo experienced the following events...
-
Abby Perry recently opened her own law office on December 1, which she operates as a corporation. The name of the new entity is Abby Perry, Attorney. Perry experienced the following events during the...
-
The Candle Shop experienced the following events during its first year of operations, 2013: 1. Acquired cash by issuing common stock. 2. Paid a cash dividend to the stockholders. 3. Paid cash for...
-
MOSS COMPANY Income Statement \ table [ [ , ] , [ Sales For Year Ended December 3 1 , 2 0 2 1 , $ 5 2 5 , 0 0 0 es MOSS COMPANY Income Statement For Year Ended December 31, 2021 Sales Cost of goods...
-
Consider an economy in which the marginal product of labour MPN is MPN = 309 - 2N, where N is the amount of labour used. The amount of labour supplied, NS, is given by NS = 22 + 12w + 2T, where w is...
-
Let V be a charge-free volume of space. Use an interior spherical multipole expansion to show that the average value of the electrostatic potential (r) over the surface of any spherical sub-volume...
-
In the accompanying table, \(x\) is the tensile force applied to a steel specimen in thousands of pounds, and \(y\) is the resulting elongation in thousandths of an inch: (a) Graph the data to verify...
-
Consider the unadjusted trial balance of Kings, Inc., at August 31, 2010, and the related month-end adjustment data. Adjustment data at August 31, 2010 include the following: a. Accrued advertising...
-
A toy gun is pointed toward the sky. A styrofoam ball of mass 30g is at rest against a spring with a spring constant of 4,000N/m that is compressed 2.5cm. The spring is released causing the ball to...
-
The column is constructed from high-strength concrete and eight A992 steel reinforcing rods. If the column is subjected to an axial force of 200 kip, determine the required diameter of each rod so...
-
Identify and explain a problem with this code: double x, y; cout < < "Enter two numbers: "; cin >>x>> y; if(x+y == 2.4) { } cout < < "Their sum is 2.4" < < endl;
-
What is the primary business of Satyam Computer Services Ltd?
-
A black man dressed all in black, wearing a black mask, stands at a crossroads in a black-painted town. All of the streetlights in town are broken. There is no moon. A black-painted car without...
-
Why is a threat such as the one allegedly perpetrated by A-Z so difficult to investigate and prosecute?
-
In your opinion, why did prosecutors fail to win a conviction of Scrushy in the HealthSouth accounting fraud case?
-
What was the dollar value of the Qwest overstatement?
-
Use a calculator to find the decimal representations of these fractions. 7 91 10 2 (d) 13 (a) (b) (c) 11 110 21 (a) Select the correct choice below and fill in any answer boxes within your choice....
-
Charles owns an office building and land that are used in his trade or business. The office building and land were acquired in 1978 for $800,000 and $100,000, respectively. During the current year,...
-
Seacoast Magazine sells subscriptions for $36 for 18 issues. The company collects cash in advance and then mails out the magazines to subscribers each month. Apply the revenue recognition principle...
-
What does the cash ratio help determine, and how is it calculated?
-
Prepare the balance sheet for Damon Design Studio as of December 31, 2018. The assets, liabilities, and equities of Damon Design Studio have the following balances at December 31, 2018. The retained...
-
If we have two variables with one being the direct cause of the other, then there may or may not be a correlation between those two variables. For Exercises 58, decide whether the statement makes...
-
If we conduct a study showing that there is a strong negative correlation between resting pulse rate and amounts of time spent in rigorous exercise, we can conclude decreases in resting pulse rates...
-
Astronomers have discovered that, with the exception of a few nearby galaxies, all galaxies in the universe are moving away from us. Moreover, the farther the galaxy, the faster it is moving away....
Study smarter with the SolutionInn App