Alex Shore practiced accounting with a partnership for five years. Recently he opened his own accounting firm, which he operates as a proprietorship. The name of the new entity is Alex Shore, CPA. Shore experienced the following events during the organizing phase of the new business and its first month of operations. Some of the events were personal and did not affect the business.

Feb $4$ Shore received $$27,000$ cash from former accounting partners."

Deposited $$50,000$ in a new business bank account titled Alex Shore,

CPA. The business gave capital to Shore.

Paid $$100$ cash for letterhead stationery for the new office.

Purchased office furniture for the office. The business will pay the account

payable, $$9,700,$ within three months.

Shore sold personal investment in

Amazing.com stock, which he had owned

for several years, receiving $$50,000$ cash.

Shore deposited the $$50,000$ cash from sale of the

Amazing.com stock in his

A representative of a large company telephoned Shore and told him of the

company's intention to transfer its accounting business to Shore.

Finished tax hearings on behalf of a client and submitted a bill for accounting services, $$17,000.$ Shore expected to collect from this client within

two weeks. Paid office reming

Paid office rent, $$1,500.$

Shore withdrew cash of $$1,000.$

"Personal transaction of Alex Shore.

a$)$ Prepare journal entries $(7$ points$)$

b$)$ Prepare Income statement from the results of transactions $(5$ points$)$

c$)$ Prepare Balance sheet $(5$ points$)$