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, $1,750. (f) Paid office rent for February, $580. (g) Paid February phone bill, $62. (h) Withdrew cash for personal use, $1,040. (i) Performed services for clients on account, $990. (j) Paid wages to part-time employee, $1,060. (k) Received cash for services performed on account in transaction (i), $400. (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 Bal. Assets 30370 Liabilities + Capital Drawing + Revenues Expenses Description 5250 25120 (e) 1,750 0 0 0 1,750 0 Service fees (f) 580 x 0 0 0 0 580 Rent expense (g) 62 X 0 0 0 0 62 Phone expense (h) 1,040 X 0 0 1,040 0 0 (i) 990 0 0 0 990 0 Service fees 1,060 0 0 0 1,060 Wages expense (k) 400 0 0 0 0 0 400 X 0 0 Bal. 30,368 5,250 V 25,120 1,040 2,740 V 1,702 Demonstrate that the accounting equation has remained in balance. Total Assets Total Liabilities Capital 30,368 5,250 25,120 Drawing 1,040 Revenues 2,740 Expenses 1,702 Total Liabilities and Owner's Equity 30,368