EFFECTS OF TRANSACTIONS EFFECTS OF TRANSACTIONS (REVENUE, EXPENSE, WITHDRAWALS) This exercise is an extension of Exercise 2-3B. Assume Jon Wallace completed the following additional transactions during March. Show the effect of each transaction on the basic elements of the expanded accounting equation: Assets = Liabilities + Owner's Equity (Capital -Drawing + Revenues - Expenses). After transaction (k), report the totals for each element. Demonstrate that the accounting equation has remained in balance. (e) Performed services and received cash, $3,000. (f) Paid rent for March, $1,000. (g) Paid March phone bill, $68. (h) Jon Wallace withdrew cash for personal use, $800 (continued)