Daniels Company is owned and operated by Thomas Daniels. The following selected transactions were completed by Daniels Company during May:

1.	Received cash from owner as additional investment $55,000.
2.	Paid creditors on account $7,000.
3.	Billed customers for services on account, $2,565.
4.	Received cash from customers on accounts $8,450.
5.	Paid cash to owner for personal use, $2,500.
6.	Received the utility bill $160, to be paid next month.

Indicate the effect of each transaction on the accounting equation:
1)	By Account type - (A)assets, (L)liabilities, (OE)owners equity, (R)revenue, and (E)expense
2)	Name of Account for the entry
3)	The amount by of the transaction.
4)	Indicate the direction of change in the account that is affected.

Note: Each transaction has two entries.

Entry					Entry
	Acct Type (1)	Name of Acct (2)	Amount (3)	Increase or Decrease (4)	Acct Type (1)	Name of Acct (2)	Amount (3)	Increase or Decrease (4)
1
2
3
4
5
6

The accountant for Franklin Company prepared the following list of account balances from the companys records for the year ended December 31, 2011:

	Fees Earned	$165,000		Cash	$ 30,000
	Accounts Receivable	14,000		Selling Expenses	44,000
	Equipment	64,000		Franklin, Capital	27,000
	Accounts Payable	12,000		Interest Income	3,000
	Salaries & Wages Expense	40,000		Prepaid Rent	2,000
	Income Taxes Payable	5,000		Income Taxes Expense	18,000
	Notes Payable	20,000		Rent Expense	20,000