The following transactions occurred in the opening and operation of Gail’s Bookkeeping Service.

a. Gail Smith opened the bookkeeping service by investing $7,000 from her personal savings account.

b. Purchased store equipment on account, $3,000.

c. Rent expense due but unpaid, $600.

d. Received cash for bookkeeping services rendered, $800.

e. Billed a client on account, $500.

f. Gail withdrew cash for personal use, $200.
Complete the transaction analysis chart in the Study Guide and Working Papers. The chart of accounts includes Cash; Accounts Receivable; Store Equipment; Accounts Payable; Gail Smith, Capital; Gail Smith, Withdrawals; Bookkeeping Fees Earned; and Rent Expense. LO.1