Effects of Transactions (Revenue, Expense, Withdrawals) Assume John Sullivan completed the following additional transactions during February
(e) Received cash from a client for professional services, $1,310.
() Paid office rent for February, $500.
(9) Paid February phone bill, $74.
(h) Withdrew cash for personal use, $1,100.
(1) Performed services for clients on account, $950.
6) Paid wages to part-time employee, $1,400.
(k) Received cash for services performed on account in transaction (i), $450. (Enter the change in Cash on the first line and the change in other account
on the second line.)
Show the effect of each transaction on the basic elements of the expanded accounting equation: Assets - Llabilities + Owner's Equity (Capital - Drawing
+ Revenues - Expenses). Use the minus sign to indicate a decrease or reduction in the account. After transaction (k), report the totals for each element.
If an amount box does not require an entry, leave it blank.
Owner's Equity
Drawing + Revenues
Assets
+
Expenses
Description
Liabilities
6,000
Capital
27,000
Bal.
33,000
Service fees
Rent expense
(0)
(9)
Phone expense
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12/14/2021