Jay Pembroke started a business. During the first month (April 20--), the following transactions occurred.

1. Invested cash in business, $18,063.
2. Bought office supplies for $4,696: $2,075 in cash and $2,621 on account.
3. Paid one-year insurance premium, $1,170.
4. Earned revenues totaling $3,365: $1,477 in cash and $1,888 on account.
5. Paid cash on account to the company that supplied the office supplies in transaction (b), $2,329.
6. Paid office rent for the month, $870.
7. Withdrew cash for personal use, $149.

Required:

Show the effect of each transaction on the individual accounts of the expanded accounting equation: Assets = Liabilities + Owner's Equity (Capital - Drawing + Revenues - Expenses). After transaction (g), report the totals for each element. Use the minus sign to indicate a decrease or reduction in the account. If an amount box does not require an entry, leave it blank.

Assets Liabilities+ Owner's Equity Amts. Owed) (Items Owned) (Owner's Investment) (Earnings) office Prepaid Insurance Accounts Accounts Cash + + Pembroke,-Pembroke, +RevenuesExpenses Description Receivable Supplies Payable Capital Drawing 18,063 C. Bal Demonstrate that the accounting equation has remained in balance Cash Accounts receivable Office supplies Prepaid insurance Total Assets Accounts payable Jay Pembroke, capital Jay Pembroke, drawing Service fees Rent expense Total Liabilities and Owner's Equity