eBook Show Me How Calculator Effects of Transactions (Revenue, Expense, Withdrawals) Assume John Sullivan completed the following additional transactions during February (e) Received cash from a client for professional services, $1,450. (Paid office rent for February, $600. (9) Paid February phone bill, $77. (h) Withdrew cash for personal use, $1,000. (1) Performed services for clients on account, $650. (1) Pald wages to part-time employee, $1,300. (k) Received cash for services performed on account in transaction (). $350. (Enter the change in Cash on the first line and the change in other account on the second line.) Show the effect of each transaction on the basic elements of the expanded accounting equation Assets - Liabilities + Owner's Equity (Capital - Drawing + Revenues- Expenses). Use the minus sign to indicate a decrease or reduction in the account. After transaction (K), report the totals for each element. If an amount box does not require an entry, leave it blank. Owner's Equity Assets - Liabilities Capital - Drawing - Revenues - Expenses Description Bal. 35,500 5,500 30,000 1,450 1.450 Service fees 600 Rent expense (9) 77 Phone expense -1,000 1,000 650 650 Service fees Check My Work Previous Next > All work saved. Email Instructor Save and Exit Submit Assignment for Grading g Res...pptx Show All eBook Show Me How Calculator Owner's Equity Drawing + Revenues = + - Liabilities 5,500 - Expenses Assets 35,500 1,450 Capital 30,000 Description Bal. Service fees Rent expense 600 77 Phone expense SO E OS -1,000 650 Service fees (K) 350 Bal. 5,500 30,000 1,000 2,100 1,977 Demonstrate that the accounting equation has remained in balance. Total Assets Total Liabilities $ 5,500 Capital 30,000 Drawing 1,000 Revenues 2,100 Expenses 1,977 7 Total Liabilities and Owner's Equity 40,577 X