In July of this year, M. Wallace established a business called Wallace Realty. The account headings are presented below. Transactions completed during the month follow.

Assets = Liabilities + Owner's equity Office Accounts Cash + Supplies + Equipment = Payable + Capital Drawing + Revenue Expenses

Wallace deposited $24,000 in a bank account in the name of the business. Paid the office rent for the current month, $650, Ck. No. 1000 (Rent Expense). Bought office supplies for cash, $375, Ck. No. 1001. Bought office equipment on account from Dellos Computers, $6,300. Received a bill from the City Crier for advertising, $455 (Advertising Expense). Sold services for cash, $3,944 (Service Income). Paid on account to Dellos Computers, $1,500, Ck. No. 1002. Received and paid the bill for utilities, $340, Ck. No. 1003 (Utilities Expense). Paid on account to the City Crier, $455, Ck. No. 1004. Paid truck expenses, $435, Ck. No. 1005 (Truck Maintenance Expense). Wallace withdrew cash for personal use, $1,500, Ck. No. 1006.