Abraham Shine recently opaned his own accounting fiem on April 1, which he operates as a corporation. The name of the new entity is Abraham Shine CPA Shine xparienced the following events during the organizing phase of the new business and ies Srst month of operations in 2018 (Cick the icon to view the transactions) Read the teaments Requirement 1. Analyze the effects of the events on the accounšing equation of Abraham Shine, CPA Anal ze the events chronolo caly one transaction at a rme egning with the transaction on the 6th caklate the balance in each account after analyzing the efect of the transaction on the account g equation Aher calculating the ending balance of each account on the 30m caloulate total assets and totall Babilities and equity (Complete only the nacessary answer boxes for your transaction ines Do not enter any zeros for your transaction lines 1 Car down all balances to the al line including zero balance accounts entering \"Q for any zero balances Enter decrease in ar account with 4 minus sign or pare theses Abbreviations used Ap Accounts Payable A Accounts Receivable. Com Common Contr “Conttuted. Div . Dividends. Exp . Expense. Fum . Fumitu, Liab. Liablies Rev-Revenue Sup . Supplies, Uni-Uilties) ASSETS LIAB+ EQUITY Contr. Retained Earnings ServiceRent Exp Cap Cash + AR + Ofice + Furn AP + Com Die UtI Sup Stock Rev Exp Enter any inumber in the edit fhelds and then click Check Answer 13-taring Clear Al Check Answer Solution Answer Assets = Liabilities + Equity Contributed Capital + Retained earnings Date Cash + A/R + Office Sup + Furn = A/P + Com Stock - Div + Service Revenue - Rent Exp - Util Exp Apr-05 80000 + + + = + 80000 - + - - Apr-06 -200 + + 200 + = + - + - - Apr-07 + + + 7500 = 7500 + - + - - Apr-10 3500 + + + = + - + 3500 - - Apr-11 -390 + + + = + - + - - 390 Apr-12 + 12000 + + = + - + 12000 - - Apr-18 -1600 + + + = + - + - 1600 - Apr-25 12000 + -12000 + + = + - + - - Apr-27 -7500 + + + = -7500 + - + - - Apr-30 -4000 + + + = + - 4000 + - - TOTAL 81810 0 200 7500 0 80000 4000 15500 1600 390 Income Service Revenue 15500 Expenses Rent Expense 1600 Utilities expense 390 Total expense 1990 Net Income 13510 Opening Bal 0 Add: Net Income 13510 Less: Dividend paid 4000 9510 Closing balance 9510 A. Owner\'s Equity Common Stock 80000 Retained Earnings 9510 89510 B. Liabilities Accounts payable 0 Total Owners\' Equity and Liabilities 89510 C. Assets Cash 81810 Accounts Receivables 0 Office Supplies 200 Furniture 7500 Total Assets 89510 Assets = Liabilities + Equity Contributed Capital + Retained earnings Date Cash + A/R + Office Sup + Furn = A/P + Com Stock - Div + Service Revenue - Rent Exp - Util Exp Apr-05 80000 + + + = + 80000 - + - - Apr-06 -200 + + 200 + = + - + - - Apr-07 + + + 7500 = 7500 + - + - - Apr-10 3500 + + + = + - + 3500 - - Apr-11 -390 + + + = + - + - - 390 Apr-12 + 12000 + + = + - + 12000 - - Apr-18 -1600 + + + = + - + - 1600 - Apr-25 12000 + -12000 + + = + - + - - Apr-27 -7500 + + + = -7500 + - + - - Apr-3.

1. Abraham Shine recently opaned his own accounting fiem on April 1, which he operates as a
corporation. The name of the new entity is Abraham Shine CPA Shine xparienced the following
events during the organizing phase of the new business and ies Srst month of operations in 2018
(Cick the icon to view the transactions) Read the teaments Requirement 1. Analyze the effects of
the events on the accounšing equation of Abraham Shine, CPA Anal ze the events chronolo caly
one transaction at a rme egning with the transaction on the 6th caklate the balance in each
account after analyzing the efect of the transaction on the account g equation Aher calculating
the ending balance of each account on the 30m caloulate total assets and totall Babilities and
equity (Complete only the nacessary answer boxes for your transaction ines Do not enter any
zeros for your transaction lines 1 Car down all balances to the al line including zero balance
accounts entering "Q for any zero balances Enter decrease in ar account with 4 minus sign or
pare theses Abbreviations used Ap Accounts Payable A Accounts Receivable. Com Common
Contr “Conttuted. Div . Dividends. Exp . Expense. Fum . Fumitu, Liab. Liablies Rev-Revenue
Sup . Supplies, Uni-Uilties) ASSETS LIAB+ EQUITY Contr. Retained Earnings ServiceRent
Exp Cap Cash + AR + Ofice + Furn AP + Com Die UtI Sup Stock Rev Exp Enter any inumber
in the edit fhelds and then click Check Answer 13-taring Clear Al Check Answer
Solution
Answer
Assets
=
Liabilities
+
Equity
Contributed Capital
+
Retained earnings
Date
Cash
+
A/R
+
Office Sup
+
Furn

2. =
A/P
+
Com Stock
-
Div
+
Service Revenue
-
Rent Exp
-
Util Exp
Apr-05
80000
+
+
+
=
+
80000
-
+
-
-
Apr-06
-200
+
+
200
+
=
+
-
+
-
-

3. Apr-07
+
+
+
7500
=
7500
+
-
+
-
-
Apr-10
3500
+
+
+
=
+
-
+
3500
-
-
Apr-11
-390
+
+
+
=
+
-
+
-
-
390

4. Apr-12
+
12000
+
+
=
+
-
+
12000
-
-
Apr-18
-1600
+
+
+
=
+
-
+
-
1600
-
Apr-25
12000
+
-12000
+
+
=
+
-
+
-
-

5. Apr-27
-7500
+
+
+
=
-7500
+
-
+
-
-
Apr-30
-4000
+
+
+
=
+
-
4000
+
-
-
TOTAL
81810
0
200
7500
0
80000
4000
15500
1600
390

6. Income
Service Revenue
15500
Expenses
Rent Expense
1600
Utilities expense
390
Total expense
1990
Net Income
13510
Opening Bal
0
Add: Net Income
13510
Less: Dividend paid
4000
9510
Closing balance
9510
A. Owner's Equity
Common Stock
80000
Retained Earnings
9510
89510
B. Liabilities
Accounts payable
0
Total Owners' Equity and Liabilities
89510
C. Assets
Cash

7. 81810
Accounts Receivables
0
Office Supplies
200
Furniture
7500
Total Assets
89510
Assets
=
Liabilities
+
Equity
Contributed Capital
+
Retained earnings
Date
Cash
+
A/R
+
Office Sup
+
Furn
=
A/P
+
Com Stock
-
Div
+
Service Revenue
-
Rent Exp

8. -
Util Exp
Apr-05
80000
+
+
+
=
+
80000
-
+
-
-
Apr-06
-200
+
+
200
+
=
+
-
+
-
-
Apr-07
+
+
+
7500
=
7500
+
-
+

9. -
-
Apr-10
3500
+
+
+
=
+
-
+
3500
-
-
Apr-11
-390
+
+
+
=
+
-
+
-
-
390
Apr-12
+
12000
+
+
=
+
-
+
12000

10. -
-
Apr-18
-1600
+
+
+
=
+
-
+
-
1600
-
Apr-25
12000
+
-12000
+
+
=
+
-
+
-
-
Apr-27
-7500
+
+
+
=
-7500
+
-
+

11. -
-
Apr-30
-4000
+
+
+
=
+
-
4000
+
-
-
TOTAL
81810
0
200
7500
0
80000
4000
15500
1600
390