Question

pls can you solve problem 46A

requirmemt 1

P1-46A Using the accounting equation for transaction analysis and preparing financial statements Annette Pachelo recently opened her own law office on March 1, which she operates as a sole proprietorship. The name of the new entity is Annette Pachelo, Attorney. Pachelo 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 per- sonal and did not affect the law practice. Others were business transactions and should be accounted for by the business. Mar. 1 2 3 5 7 Sold personal investment in Amazon.com stock, which she had owned for several years, receiving $35,000 cash. Deposited the $35,000 cash from the sale of the Amazon.com stock in her! personal bank account. Deposited $73,000 cash in a new business bank account titled Annette Pachelo, Attorney. The business gave capital to Pachelo. Paid $700 cash for ink cartridges for the printer. Purchased computer for the law office, agreeing to pay the account, $5,000, within three months. Received $2,800 cash from customers for services rendered. Received bill from The Lawyer for magazine subscription, $400. (Use! Miscellaneous Expense account.) Finished court hearings on behalf of a client and submitted a bill for legal services, $10,000, on account. Paid bill from The Lawyer. Paid utilities, $1,200. Received $3,300 cash from clients billed on March 23. Pachelo withdrew cash of $5,500. 15 23 28 30 31 31 Requirements 1. Analyze the effects of the preceding events on the accounting equation of Anne Pachelo, Attorney. Use a format similar to Exhibit 1-5.

Answer 1

Req 1

	Assets					=	Liabilities	+	Owner's equity
Date	Cash	+	Accounts receivable	+	Computer	=	Accounts payable	+	Common stock	+	Dividend	Service revenue	-	Printer Expn.	-	Misc. Expn.	-	Utilities expn.
Mar. 03	$73,000								$73,000
Mar. 05	($700)													($700)
Mar. 07					$5,000		$5,000
Mar. 09	$2,800											$2,800
Mar. 15							$400									($400)
Mar. 23			$10,000									$10,000
Mar. 28	($400)
Mar. 30	($1,200)																	($1,200)
Mar. 31	$3,300		($3,300)
Mar. 31	($5,500)										($5,500)
Balance	$71,300		$6,700		$5,000		$5,400		$73,000		($5,500)	$12,800		($700)		($400)		($1,200)