Lily Enterprises had the following selected transactions.

1.		Bo Lily invested $3,360 cash in the business.
2.		Purchased a 2-year insurance policy for $2,016.
3.		Paid office rent of $706.
4.		Performed consulting services and billed a client $4,368.
5.		Bo Lily withdrew $630 cash for personal use.

Prepare the debit-credit analysis for each transaction.

Debit-Credit Analysis Effect on Accounting Equation Effect on Amounts 1. Debits Debit $ Credits Credit $ 2. Debits Debit $ Credits Credit $ 3. Debits Debit $ Credits Credit $ 4. Debits Debit $ Credits Credit $ 5. Debits Debit $ Credits Credit $