Jordan Judge worked as an accountant at a local accounting firm for five years after graduating from college. She recently opened her own accounting practice, which she operates as a corporation. The name of the new entity is Judge and Associates, Inc. Jordan 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. (Click the icon to view the events.) Read the requirements. Requirement 1. Enter each transaction in the expanded accounting equation of Judge and Associates, Inc., as needed, calculating new balances after each transaction. (If a box is not used in the transaction, leave the box empty; do not enter a zero. If 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 or parentheses. Note the following abbreviations used in the accounting equation tables: AR = Accounts receivable, AP = Accounts payable, and CS = Common stock.) Nov 3: Received $80,000 cash proceeds from refinancing her house. 3) Bal Cash AR Assets + Supplies + Furniture = Liabilities + AP = + CS Stockholders' equity Revenue C Retained earnings - Expense - Dividends Nov 3 Received $80,000 cash proceeds from refinancing her house. 5 $55,000 of common stock in the business was sold to Jordan Judge. The cash proceeds were deposited in a new business bank account titled Judge and Associates, Inc. 7 Paid $500 cash for office supplies for the new accounting practice. 9 Purchased $5,000 of office furniture for the accounting practice and agreed to pay the vendor within three months. 10 Jordan sold 1,000 shares of Audi stock, which she had owned for several years, receiving $12,000 cash. The cash from the sale of stock was deposited in her personal bank account. 14 A representative of a large company telephoned Jordan and told her of the company's intention to hire Judge and Associates, Inc., as its accountants. 20 Finished accounting work for a client and sent the client a bill for $3,200. The client is expected to pay within two weeks. 27 Paid office rent, $700. 29 Paid $2,800 on account from the November 9th transaction. 30 Paid $200 of dividends to shareholders of Judge and Associates, Inc.
