Cullen Beatty plans to start a consulting business-Cullen Consulting Services.In preparation to do this,on April 1,2016,he invested $50,000 in cash and $19,000 in equipment,and opened an account at Office Plus by purchasing $1,500 in office supplies which is due by the end of the month.He then signed a one-year lease agreement on an office building for $6,000,paying the full amount in advance.
Prepare a Balance Sheet for Cullen Consulting Services as of April 1,2016,before he conducts any services.

Question

Quizplus · Accepted Answer

The Answer of Cullen Beatty plans to start a consulting business-Cullen Consulting Services.In preparation to do this,on April 1,2016,he invested $50,000 in cash and $19,000 in equipment,and opened an account at Office Plus by purchasing $1,500 in office supplies which is due by the end of the month.He then signed a one-year lease agreement on an office building for $6,000,paying the full amount in advance.
Prepare a Balance Sheet for Cullen Consulting Services as of April 1,2016,before he conducts any services.

Cullen Beatty Plans to Start a Consulting Business-Cullen Consulting Services