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Financial balances for the car hire business of John Call, John's Limos, on 31 January 2022 are provided below in a table in accounting
Financial balances for the car hire business of John Call, John's Limos, on 31 January 2022 are provided below in a table in accounting equation form. Assets Cash at + Accounts + Office bank Liabilities +Motor +Fuel = Accounts + Loan receivable equipment vehicles supplies payable payable + Equity +John Call, capital $11,000 + $15,000 + $1,500 +$94,000+ 0 = $3,500 + $12,000+ $106,000 During February 2022, the following transactions were undertaken by John's Limos: 1. Collected $9,500 of the accounts receivable. 2. Purchased another vehicle for $58,000. Paid $15,000 in cash and signed a loan agreement for the balance. 3. Paid rent for the month of February, $1,200. 4. Billed customers for services performed, $12,500. 5. Fuel supplies purchased on credit, for $3,750. 6. John Call contributed $20,000 cash and office equipment valued at $5,000 to the business. Required: Record the effect of the above transactions in the table provided below. For each transaction identify the affected account and dollar amount and indicate if the account is increased or
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