Frank Petronick decided to start an accounting practice after graduation from college. The following is a list of events that occurred concerning Frank’s practice.
June 1: After shopping around, Frank found an office to lease and signed a lease agreement. The lease calls for a payment of $1051 rent per month.

June 4: Frank borrowed $3840 from his grandmother to assist in starting up his new business

June 4: deposits the $3840 plus $534 of his own cash in a new bank account at BMO under the name Petronick Accounting Services.

June 6: Paid the landlord the first month’s rent.

June 8: purchased furniture for $3290 on account

June 11: moved into the office and obtained the first assignment from a client to prepare year end financial statements for $1868

June 15: Performed the work on the assignment and sent an invoice to the customer for $1868

June 15: Paid half of the amount of the June 8 purchase of furniture

June 18: Purchased supplies on account for $339

June 26: paid for internet services, $53 cash

June 28: collected $903 of June 15 billing to the customer

June 30: withdrew cash from the business of $135 for personal expenses

A) prepare a tabular analysis of the effects of the above transactions on the accounting equation.

The accounting equation is a mathematical statement that shows that the assets are equal to the liabilities and equity given each business transaction and at the end of the accounting period.

For instance, the assets of Petronick Accounting Services at the end of June are equal to its liabilities plus equity.

At each date that a transaction occurs, the accounting equation remains in balance.

Transactions Analysis:

June 4 Cash $4,374 Loan Payable $3,840 Common Stock $534

June 6 Rent Expense $1,051 Cash $1,051

June 8 Office Furniture $3,290 Accounts Payable $3,290

June 15 Accounts Receivable $1,868 Service Revenue $1,868

June 15 Accounts Payable $1,645 Cash $1,645

June 18 Supplies $339 Accounts Payable $339

June 26 Internet Services $53 Cash $53

June 28 Cash $903 Accounts Receivable $903

June 30 Withdrawal $135 Cash $135

Learn more about the accounting equation at https://brainly.com/question/24401217

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