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.

An accounting equation can be defined as the transaction with her around two or more transactions with the balance out of the cash book trial balance as well as the account ship.

In the given question the date June 1 and June 4 would not be recorded as this is not considered an accounting transaction or a financial transaction as they are to be paid in the near future, but the rest of the recordings will be counted and accounted for in debit and the credit in the journal entry.

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