Lyon, Attorney at Law, opened his office on October 1. The account headings are presented below. Transactions completed during the month follow.

Lyon deposited $35,000 in a bank account in the name of the business.

Bought office equipment on account from QuipCo, $9,850.

Lyon invested his personal law library, which cost $3,400.

Paid the office rent for the month, $2,800, Ck. No. 2000 (Rent Expense).

Bought office supplies for cash, $295, Ck. No. 2001.

Bought insurance for two years, $1,160, Ck. No. 2002.

Sold legal services for cash, $8,950 (Professional Fees).

Paid the salary of the part-time receptionist, $1,870, Ck. No. 2003 (Salary Expense).

Received and paid the telephone bill, $442, Ck. No. 2004 (Telephone Expense).

Received and paid the bill for utilities, $440, Ck. No. 2005 (Utilities Expense).

Sold legal services for cash, $9,900 (Professional Fees).

Paid on account to QuipCo, $2,780, Ck. No. 2006.

Lyon withdrew cash for personal use, $3,600, Ck. No. 2007.

Required:

Record the transactions and the balances after each transaction.

After all transactions have been entered, enter the total assets and the total liabilities plus owner's equity in the entry boxes below the transactions. If the two totals are not equal, first check the addition and subtraction. If you still cannot find the error, reanalyze each transaction. If an amount box does not require an entry, leave it blank or enter "0". Enter all answers as positive amounts.