P1-54 Using the accounting equation for transaction analysis, preparing financial (ROA) statements, and calculating return on assets Daniels Consulting began operations and completed the following transactions during December 2016: Daniels contributed $20,000 cash in exchange for capital. Dec. 2 Paid monthly office rent, $2,000. 2 Paid cash for a computer, $3,600. This equipment is expected to remain in service for five years 3 Purchased office furniture on account, $3,000. The furniture should last for five years 4 Purchased office supplies on account, $800. 5 Performed consulting service for a client on account, $2,500. 9 Paid utilities expenses, $150. 12 Performed service for a client and received cash of $2,100. 18 Received $2,400 in advance for client service to be performed in the future. (This increases the Unearned Revenue account, which is a liability. 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 month The secretary begins work immediately. 21 Paid $200 on account. 26 Collected $400 on account 28 Daniels withdrew $1,000. 30