15 For Assets, Liabilities and Owner's Equity On Jan 1 2023, Trayton Eli withdrew $100,000 from personal savings and deposited it in the new business checking account for Eli's Consulting Services. On Feb 20 2023, Eli's Consulting Services issued a $5,000 check to purchase a computer and other equipment. The firm bought office equipment for $6,000 on account from Office Plus. Eli's Consulting Services issued a check for $1,500 to Office Delux Inc. for purchase office supplies. 21 Eli's Consulting Services issued a check in the amount of $2,500 to Office Plus. 22 23 16 17 18 19 20 24 25 26 27 28 29 30 Eli's Consulting Services issued a check for $8,000 to pay rent for the months of December and January in advance. For Revenue and Expenses Recording Revenue from Services Sold for Cash: During the year, the business earned $36,000 in revenue from clients who paid cash for bookkeeping, accounting, and consulting services. Recording Revenue from Services Sold on Credit: In the year, Eli's Consulting Services earned $11,000 from various charge account clients. Sanchez set up an asset account, Accounts Receivable. Recording Collections from Accounts Receivable: Charge account clients paid $6,000, reducing the amount owed to Eli's Consulting Services. In the year, Eli's Consulting Services paid $8,000 in salaries. Eli's Consulting Services issued a check for $650 to pay the utilities bill. Trayton Eli wrote a check to withdraw $5,000 cash for personal use.

15 16 For Assets, Liabilities and Owner's Equity On Jan 12023 , Trayton Eli withdrew $100,000 from personal savings and deposited it in the new business checking account 17 for Eli's Consulting Services. 18 On Feb 20 2023, Eli's Consulting Services issued a $5,000 check to purchase a computer and other equipment. 19 The firm bought office equipment for $6,000 on account from Office Plus. 20 Eli's Consulting Services issued a check for $1,500 to Office Delux inc. for purchase office supplies. 21 Eli's Consulting Services issued a check in the amount of $2,500 to Office Plus. 22 Eli's Consulting Services issued a check for $8,000 to pay rent for the months of December and January in advance. 23 For Revenue and Expenses Recording Revenue from Services Sold for Cash: During the year, the business earned $36,000 in revenue from clients who paid cash for bookkeeping, accounting, and consulting services. Recording Revenue from Services Sold on Credit: In the year, Elis Consulting Services earned \$11,000 from various charge account clients. Sanchez set up an asset account, Accounts Receivable. Recording Collections from Accounts Receivable: Charge account clients paid $6,000, reducing the amount owed to Eli's Consulting Services. In the year, Eli's Consulting Services paid $8,000 in salaries. Eli's Consulting Services issued a check for $650 to pay the utilities bill. Trayton Eli wrote a check to withdraw $5,000 cash for personal use. 15 16 For Assets, Liabilities and Owner's Equity On Jan 12023 , Trayton Eli withdrew $100,000 from personal savings and deposited it in the new business checking account 17 for Eli's Consulting Services. 18 On Feb 20 2023, Eli's Consulting Services issued a $5,000 check to purchase a computer and other equipment. 19 The firm bought office equipment for $6,000 on account from Office Plus. 20 Eli's Consulting Services issued a check for $1,500 to Office Delux inc. for purchase office supplies. 21 Eli's Consulting Services issued a check in the amount of $2,500 to Office Plus. 22 Eli's Consulting Services issued a check for $8,000 to pay rent for the months of December and January in advance. 23 For Revenue and Expenses Recording Revenue from Services Sold for Cash: During the year, the business earned $36,000 in revenue from clients who paid cash for bookkeeping, accounting, and consulting services. Recording Revenue from Services Sold on Credit: In the year, Elis Consulting Services earned \$11,000 from various charge account clients. Sanchez set up an asset account, Accounts Receivable. Recording Collections from Accounts Receivable: Charge account clients paid $6,000, reducing the amount owed to Eli's Consulting Services. In the year, Eli's Consulting Services paid $8,000 in salaries. Eli's Consulting Services issued a check for $650 to pay the utilities bill. Trayton Eli wrote a check to withdraw $5,000 cash for personal use