The Following Information Should Be Used for Questions 99-100

Essay

The following information should be used for questions 99-100.

Cullen Beatty plans to start a consulting business–Cullen Consulting Services. In preparation to do this, on April 1, 2019, he invested $56,000 in cash and $23,000 in equipment, and opened an account at Office Plus by purchasing $1,750 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 $8,400, paying the full amount in advance.
-Cullen would like an explanation of the accounting for his business actions as of April 1, 2019. Explain the terms and interactions between the categories on a Balance Sheet.