For Assets, Liabilities and Owner's Equity On Jan 1 2023, Trayton Eli withdrew $100,000 from personal savings and deposited it in the new business checking account for Elis Consulting Services. On Feb 20 2023, Elis Consulting Services issued a $5,000 check to purchase a computer and other equipment. The firm bought office equipment for $6,000 on account from Office Plus. Elis Consulting Services issued a check for $1,500 to Office Delux Inc. for purchase office supplies. Elis Consulting Services issued a check in the amount of $2,500 to Office Plus. Elis Consulting Services issued a check for $8,000 to pay rent for the months of December and January in advance. For Revenue and Expenses Recording Revenue from Services Sold for Cash: During the year, the business earned $36,000 in revenue from clients who paid cash for bookkeeping, accounting, and consulting services. Recording Revenue from Services Sold on Credit: In the year, Elis Consulting Services earned $11,000 from various charge account clients. Sanchez set up an asset account, Accounts Receivable. Recording Collections from Accounts Receivable: Charge account clients paid $6,000, reducing the amount owed to Elis Consulting Services. In the year, Elis Consulting Services paid $8,000 in salaries. Elis Consulting Services issued a check for $650 to pay the utilities bill. Trayton Eli wrote a check to withdraw $5,000 cash for personal use. General Ledger: Account - Cash Account No. 101 # Date Description Posting Reference Debit Credit Balance Debit Credit 1 Jan 1 2023 Eli invested money into his own business 100,000 100,000 2 Feb 20 2023 Purchased equipment for cash 5000 95,000 General Ledger: Account - Capital Account No. 201 # Date Description Posting Reference Debit Credit Balance Debit Credit 1 Jan 1 2023 Eli invested money into his own business 100,000 100,000 General Ledger: Account - Equipment Account No. 102 # Date Description Posting Reference Debit Credit Balance Debit Credit 2 Feb 20 2023 0 Purchased equipment for cash 5000 5000 3 Purhcased equipment from Office Plus on account 6000 11000 General Ledger: Account - Accounts Payable Account No. 301 # Date Description Posting Reference Debit Credit Balance Debit Credit 3 Purhcased equipment from Office Plus on account 6,000 6,000 4 Purchased Office Supplies 1,500 General Ledger: Account - Supplies Account No. 103 # Date Description Posting Reference Debit Credit Balance Debit Credit 4 Purchased Supplies 1500 General Ledger: Account - Prepaid Rent Account No. 104 # Date Description Posting Reference Debit Credit Balance Debit Credit General Ledger: Account - Revenue Account No. 501 # Date Description Posting Reference Debit Credit Balance Debit Credit General Ledger: Account - Accounts Receivable Account No. 104 # Date Description Posting Reference Debit Credit Balance Debit Credit General Ledger: Account - Salaries Account No. 601 # Date Description Posting Reference Debit Credit Balance Debit Credit General Ledger: Account - Utilities Account No. 602 # Date Description Posting Reference Debit Credit Balance Debit Credit General Ledger: Account - Drawings Account No. 701301 # Date Description Posting Reference Debit Credit Balance Debit Credit