Janna fisk worked as an accountant at a local accounting firm for five years after graduating from college she recently corned her own accounting practice, which she operates as a corporation. the name of the new entity is fisk and
associates, inc. janna experienced the following events during the first month of operations. some of the events were personal and did not affect the accounting practice. others were business transactions and should be accounted for by the
business
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read the
rements
requirement 1. enter each transaction in the expanded accounting equation of fisk and associates, inc., as needed, calculating new balances for each transaction of a box is not used in the transaction, leave the box empty do not entera
zeroif an event does not affect the accounts of the business, leave the entire transaction line blank. carry down all balances, including zero balance accounts enter decreases with a minus sign of parentheses. note the following abbreviations
used in the accounting equation tables: ar accounts receivable, ap accounts payable, and cs common stock)
apr 3: received $40,000 cash proceeds from refinancing her house.
assets
liabilities
cash ar supplies furniture ap
cs
.
stockholders' equity
retained earnings
revenue - expense dividends
apr 5: $70,000 of common stock in the business was sold to janna fisk. the cash proceeds were deposited in a new business bank account sted fisk and associates, inc.
assets
liabilities.
stockholders' equity
cash . ar supplies - furniture ap cs
retained earnings
revenue - expense. dividends
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