59) Prepare journal entries in good form for the following transactions: a) Owner, Janet Simpson, invested equipment valued at $5,800 and cash of $5,000 into the business. b) Purchased office supplies for cash, $250. c) Paid $800 for current month's rent of office space. d) Billed a client $2,000 for services rendered. e) Owner, Janet Simpson, withdrew $1,000 for personal living expenses. Answer: General Journal Date Accounts Debit Credit a) Equipment Cash Janet Simpson, Capital Owner invested cash and equipment in the business. b) Office Supplies Cash Purchased office supplies for cash. c) Rent Expense Cash Paid one month's rent for office space. d) Accounts Receivable Service Revenue Performed services on account. e) Janet Simpson, Withdrawals Cash Owner withdrew cash for personal use