Began a Public Accounting Practice Sept. 1 Began a public accounting practice by investing $48,000 in cash and office equipment having a $11,800 fair value. 1 Prepaid cash for three months’ rent in advance on suitable office space, $8,700. 2 Purchased on credit used office equipment, $5,800, and office supplies, $1,180. 4 Completed accounting work …

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