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

Essay

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.
Cullen would like an explanation of the accounting for his business actions as of April 1,2016.Explain the terms and interactions between the categories on a Balance Sheet.