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

Assets = Liabilities + Owner's Equity Prepaid Office Accounts Cash + Supplies + Insurance + Equipment + Library = Payable + Capital - Drawing + Revenue - Expenses

Schwartz deposited $25,000 in a bank account in the name of the business. Bought office equipment on account from QuipCo, $9,670. Schwartz invested his personal law library, which cost $2,800. Paid the office rent for the month, $1,700, Ck. No. 2000 (Rent Expense). Bought office supplies for cash, $418, Ck. No. 2001. Bought insurance for two years, $944, Ck. No. 2002. Sold legal services for cash, $8,518 (Professional Fees). Paid the salary of the part-time receptionist, $1,820, Ck. No. 2003 (Salary Expense). Received and paid the telephone bill, $388, Ck. No. 2004 (Telephone Expense). Received and paid the bill for utilities, $368, Ck. No. 2005 (Utilities Expense). Sold legal services for cash, $9,260 (Professional Fees). Paid on account to QuipCo, $2,670, Ck. No. 2006. Schwartz withdrew cash for personal use, $2,500, Ck. No. 2007.