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Chapter 1 Case：Assume that Ada has recently become a certified public accountant, (CPA) and opens his own accounting practice. Because this business has a single owner, it is called a proprietorship.We now consider 5 events and analyze each in terms of its effect on the accounting equation of Adas accounting practice. Transaction analysis is the essence of accounting.Transaction 1 Ada invests $50,000 of his money to begin the business. Specifically, he deposits $50, 000 in a bank account. The effect of this transaction on the accounting equation is:Assets = Liabilities + Owners Equity Cash = + Adas Capital 1. +$50,000 = + $50,000 The amount on the left side of the equation must equal the amount on the right side for every transaction. The first transaction increases both the assets (in the ease, cash) and the owners equity of the business (Ada, capital). The transaction involves no liabilities of the business because it creates no obligation for Ada to pay an outside party. To the right of the transaction we write “owner investment” to keep track of the reason for the effect on owners equity.Transaction 2 Ada purchases land for a future office location, paying cash of $40, 000. The effect of this transaction on the accounting equation is:Assets = Liabilities + Owners Equity Cash + Land = + Adas Capital $50,000 $50,000 -$40,000 +$40,000 2. $10,000 $40,000 $50,000The cash purchase of land increases one asset, land, and decreases another asset, cash, by the same amount. After the transaction is completed, Adas business has cash of $10,000, land of $40,000, no liabilities, and owners equity of $50,000. Note that the sums of the balances on both sides of the equation are equal. This equality must always exit.Transaction 3 Ada buys stationary and other office supplies, agreeing to pay $500 within 30 days. This transaction increases both the assets and the liabilities of the business. Its effect on accounting equation is:Assets = Liabilities + Owners Equity Cash + Supplies + Land = Payable + Adas Capital $10,000 $40,000 $50,000 +$500 +$500 3. $10,000 $500 $40,000 $500 $50,000The asset affected is office supplies, and the liability is called an account payable. The term payable signifies a liability. Because Ada is obligated to pay $500 in the future but signs no formal promissory note, we record the liability as an account payable, not as a note payable.Transition 4 Ada earns service revenue by providing professional accounting services for his clients. Assume he earns $5, 500 and collects this amount in cash. The effect on the accounting equation is an increase in the asset cash and an increase in Ada, capital, as follows:Assets = Liabilities + Owners Equity Cash + Supplies + Land = Payable + Adas Capital $10,000 $500 $40,000 $500 $50,000 +$5,500 +$5,5004. $15,000 $500 $40,000 $500 $55,000This revenue transaction causes d the business to grow, as shown by the increase in total assets and in total liabilities plus owners equity. A company that sells goods to customers is a merchandising business. Its revenue is called sales revenue. By contrast, Ada performs services for clients, such revenue is called service revenueTransaction 5 Ada performs service for a client who does not pay immediately. In return for his accounting service, Ada receives the clients promise to pay the $3, 000 amounts within one month. This promise is an asset to Ada, an account receivable because he expects to collect the cash in the future. In accounting, we say that Ada performed this service on account. When the business performs service for a client or customer, the business earns revenues regardless of whether it receives cash immediately or expects to collect cash later. Ada records an increase in the assets accounts receivable and an increase in owners equity as