Assume john sullivan completed the following additional transactions during february.
(e) received cash from a client for professional services, $1,500.
(f) paid office rent for february, $600.
(g) paid february phone bill, $64.
(h) withdrew cash for personal use, $1,000.
(i) performed services for clients on account, $750.
show the effect of each transaction on the basic elements of the expanded accounting equation: assets = liabilities + owner's equity (capital- drawing revenues - expenses).

(e) assets (cash) increase by 1,500

          Owner's Equity/Revenues (fees earned) increase by 1,500

(f) Owner's Equity/Expense (rent expense) increase by 750

          Assets (cash) decrease by 750

(g) Owner's Equity/Expense (utilities expense) increase by 64

           Assets (cash) decrease by 64

(i) Assets (Account Receivable) increase by 1,500

          Owner's Equity/Revenues (fees earned) increase by 750

Explanation:

Each transaction should at least be compose by 2 accounts, and it will need to be balance,

We must understand that while expenses decrease the equity the amount of expenses is, increasing when an expense is recognized.

answer; i believe the correct answer is (business necessity defense;

answer; operating revenues;