Rowand Enterprises had the following selected transactions.

1. Aaron Rowand invested $4,000 cash in the business.

2. Paid office rent of $1,100.

3. Performed consulting services and billed a client $5,200.

4. Aaron Rowand withdrew $700 cash for personal use.

Instructions

(a) Indicate the effect each transaction has on the accounting equation

(Assets = Liabilities + Owner’s Equity), using plus and minus signs.

(b) Journalize each transaction. (Omit explanations.)