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Jack Sparrow started his own legal agency, Sparrow Limited, on March 1, 2023. The following transactions occurred during the month of March: Jack invested
Jack Sparrow started his own legal agency, Sparrow Limited, on March 1, 2023. The following transactions occurred during the month of March: Jack invested $8,000 cash and equipment worth of $11,000 in the business. Paid $2,100 for the month's office rent. Purchased $550 of supplies for cash. Ceetee News billed Sparrow Limited $340 for the advertisement service provided. Received $2,900 cash for services performed. Jack withdrew $570 cash for personal use. Performed $6,300 of services on credit. Mar 1 Mar 2 Mar 3 Mar 5 Mar 9 Mar 12 Mar 15 Mar 17 Mar 20 Mar 23 Paid $1,900 as employee salaries. Mar 26 Mar 29 Mar 30 Paid $268 for utilities. Paid half the amount due (on March 5) to Ceetee News. Received $4,500 for services performed on account on March 15. Borrowed $4,000 for the business from MBB Bank. Purchased equipment worth $3,800 on credit. Questions Prepare a tabular analysis of the transactions listed above, including the balances at the end, to indicate the effect of each transaction on the accounting equation.
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