TransactionsMar. 1Mar. 2Mar. 3Mar. 5Mar. 7Mar. 9Mar. 15Mar. 23Mar. 28Mar. 30Mar. 31Mar. 31Bigglio a sold personal investment in Amazon.com (NASDAQ:AMZN) stock, receiving $36,000cash.Deposited the $36,000 cash from the sale of the Amazon.com stock in a personal bankaccount.Deposited $85,000 cash in a new business bank account titled Bjorn Bigglio, Attorney. Thebusiness issued common stock to Bigglio.Paid $600 cash for supplies.Purchased computer for the law office, agreeing to pay the account, $6,000, within threemonths.Received $2,300 cash from customers for services rendered.Received bill from The Lawyer for magazine subscription, $260. (Use Miscellaneous Expenseaccount.)Finished court hearings on behalf of a client and submitted a bill for legal services, $11,000, onaccount.Paid bill from The Lawyer.Paid utilities, $840.Received $2,500 cash from clients billed on March 23.Cash dividends of $3,500 were paid to the stockholder. Bjorn Bigglio recently opened a law office on March 1, which operates as a corporation. The name of the new entity is Bjorn Bigglio, Attorney. Bigglio experienced the following events during the organizing phase of the new business andits first month of operation, March 2025. Some of the events were personal and did not affect the law practice. Others were business transactions and should be accounted for by the business.View the transactions.Read the requirements.Requirement 1. Analyze the effects of the preceding events on the accounting equation of Bjorn Bigglio, Attorney.Analyze the events chronologically, one transaction at a time, beginning with the transaction on the 1st. For each transaction that follows the transaction on the 1st, calculate the balance in each account after analyzing its effect on theaccounting equation. After calculating the ending balance of each account on the 31st, calculate total assets and total liabilities and equity. (Complete only the necessary input fields for your transaction lines. If a transaction is personaland does not affect the business, leave the transaction line blank. Carry down all balances to the "Bal." line, including zero balance accounts, entering a 0 for any zero balances. Enter a decrease in an account with a minus sign orparentheses. Abbreviations used: A/P = Accounts Payable; A/R = Accounts Receivable; Com. = Common; Contr. Cap. = Contributed Capital; Div. = Dividends; Comp. = Computer; Exp. = Expense; Liab. = Liabilities; Misc. =Miscellaneous; Rev. = Revenue; Sup. = Supplies; Util. = = Utilities.)3/13/2Bal.+ASSETS+=Cash + A/R + Sup. + Comp. = A/P++=:=:=:=:=+++LIAB. ++++Contr.Cap.Com.Stock+Div.EQUITYRetained Earnings+ ServiceUtil.Rev.Exp.+++IMisc.Exp.

Name: TransactionsMar. 1Mar. 2Mar. 3Mar. 5Mar. 7Mar. 9Mar. 15Mar. 23Mar. 28
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Description: TransactionsMar. 1Mar. 2Mar. 3Mar. 5Mar. 7Mar. 9Mar. 15Mar. 23Mar. 28Mar. 30Mar. 31Mar. 31Bigglio a sold personal investment in Amazon.com (NASDAQ:AMZN) stock, receiving $36,000cash.Deposited the $36,000 cash from the sale of the Amazon.com stock in

Introduction:Rules for EntriesPersonal Account: Related to Person or Firm.Receiver will be debited…

Business

Accounting

Mar. 1 Mar. 2 Mar. 3 Mar. 5 Mar. 7 Mar. 9 Mar. 15 Mar. 23 Mar. 28 Mar. 30 Mar. 31 Mar. 31 Bigglio a sold personal investment in Amazon.com (NASDAQ: AMZN) stock, receiving $36,000 cash. Deposited the $36,000 cash from the sale of the Amazon.com stock in a personal bank account. Deposited $85,000 cash in a new business bank account titled Bjorn Bigglio, Attorney. The business issued common stock to Bigglio. Paid $600 cash for supplies. Purchased computer for the law office, agreeing to pay the account, $6,000, within three months. Received $2,300 cash from customers for services rendered. Received bill from The Lawyer for magazine subscription, $260. (Use Miscellaneous Expense account.) Finished court hearings on behalf of a client and submitted a bill for legal services, $11,000, on account. Paid bill from The Lawyer. Paid utilities, $840. Received $2,500 cash from clients billed on March 23. Cash dividends of $3,500 were paid to the stockholder.

Mar. 1 Mar. 2 Mar. 3 Mar. 5 Mar. 7 Mar. 9 Mar. 15 Mar. 23 Mar. 28 Mar. 30 Mar. 31 Mar. 31 Bigglio a sold personal investment in Amazon.com (NASDAQ: AMZN) stock, receiving $36,000 cash. Deposited the $36,000 cash from the sale of the Amazon.com stock in a personal bank account. Deposited $85,000 cash in a new business bank account titled Bjorn Bigglio, Attorney. The business issued common stock to Bigglio. Paid $600 cash for supplies. Purchased computer for the law office, agreeing to pay the account, $6,000, within three months. Received $2,300 cash from customers for services rendered. Received bill from The Lawyer for magazine subscription, $260. (Use Miscellaneous Expense account.) Finished court hearings on behalf of a client and submitted a bill for legal services, $11,000, on account. Paid bill from The Lawyer. Paid utilities, $840. Received $2,500 cash from clients billed on March 23. Cash dividends of $3,500 were paid to the stockholder.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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