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View Policies Current Attempt in Progress Gary Petronick decided to start an accounting practice after graduation from university. The following is a list of events that occurred concerning Gary's practice. 1. 2. 3. Gary invested $ 640 of his own cash in a new bank account at BMO under the name Petronick Accounting Services. Gary borrowed $ 5,120 from his grandmother so that he could buy some office furniture for his new office. Gary deposited the $5,120 in the business bank account. After shopping around, Gary found an office to lease and signed a lease agreement. The lease calls for a payment of $ 1,280 rent per month. 4. 5. Paid the landlord the first month's rent. 6. Purchased office furniture for $ 4,224 on account. 7. Moved into the office and obtained the first assignment from a client to prepare year-end financial statements for $ 2,560 8. Performed the work on the assignment and sent an invoice to the customer for $ 2,560. 9. Paid half of the amount of the purchase of office furniture. 10. Purchased office supplies on account for $384. 11. Paid $ 64 cash for Internet services 2 7 2 ... t DO 10. 11. 12. Purchased office supplies on account for $ 384. Paid $ 64 cash for Internet services. Received cash of $ 1,536 from a customer for a job to be performed next month. Gary withdrew cash from the business of $ 192 for personal expenses 13. For each of the following transactions, indicate the effects on the business' assets, liabilities, and owner's equity. (If a transaction causes a decrease in Assets, Liabilities or Owner's Equity, place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Transaction Number Assets Liabilities Capital Drav 1. $ $ $ $ 2. 3. A 7 AM 16 U For each of the following transactions, indicate the effects on the business' assets, liabilities, and owner's equity. (If a transaction causes a decrease in Assets, Liabilities or Owner's Equity, place a negative sign for parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.) Owner's Equity Capital Drawings Revenue Expenses $ $ $ 10 7 MacBook Air

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